Port Procedures and Financial Growth

MONETARY BASE + LEBAC + LELIQ Million ARS of May-2019 Monetary base has been reduced significantly in real terms 1.5 -2015 -2016 -2017 -2018 -2019 1,3 ene 4,000 dic feb 1,1 3,500 nov 3,000 mar 0,9 2,500 0,7 oct 2,000 abr 0,5 sep ago 0,3 may 0,1 jun jul Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 9L-INC CENTRAL BANK INTEREST BEARING LIABILITIES As a proportion of international reserves Jan-17 ZL-INC Jan-18 Jul-18 Jan-19 16 0,4

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