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International Monetary Fund. Western Hemisphere Dept.

. As stated in the Staff Report, the end-September y/y inflation breached the outer band of the inflation consultation clause. In line with the inflation consultation clause approved by the Board on June 20, 2018, the BCRA has provided a letter explaining the inflation deviation and its policy response. Table 1. Argentina: Quantitative Performance Criteria, Indicative Targets, and Consultation Clauses – Outturns 1/ 2/ (In billions of Argentine pesos unless otherwise stated) 2018 end-Jun end-Sep PC Adjusted PC Actual PC

International Monetary Fund. European Dept.
The economy rebounded strongly from the pandemic recession last year while prudent macroeconomic management maintained robust buffers. But the war in Ukraine and the international sanctions imposed on Russia and Belarus have resulted in significant spillovers to Moldova, with implications yet to fully play out. At the outbreak of hostilities, FX market pressures triggered significant foreign currency interventions and bank deposit withdrawals, while dollarization has intensified. Moldova has received the highest per capita inflow of Ukrainian refugees (17 percent of the total population), of which about 100,000 refugees (4 percent of the total population) remain in Moldova. Driven by rising food and energy prices, inflation accelerated further above the target band.
International Monetary Fund

prices rose 2.2 percent over the past 12 months. 6. On July 10, the central bank increased its policy interest rate by 25 basis points, to 6 percent and tightened reserve requirements . Minimum reserve requirements will rise from 8½ percent to 9 percent effective in August and cover all obligations, notably banks’ long-term borrowing (2-7 years) in foreign currency. Marginal reserve requirements for foreign currency deposits will rise from 45 percent to 49 percent. In line with their inflation consultation letter, the authorities see upside risks to inflation given

International Monetary Fund

observed Expected to be missed by 3,275-3,750 mil. YTL 2/ 4. Ceiling on new external public debt with maturities exceeding one year Observed N.A., expected to be observed 5. Ceiling on new external public debt with maturities up to one year Observed N.A., expected to be observed 6. Floor on net international reserves of CBT and Treasury combined Observed Observed 7. Floor on overall balance (before transfers) of SSIs Observed Expected to be missed by 3,800-4,300 mil. YTL 2/ Inflation consultation clause

International Monetary Fund

Observed 6. Floor on net international reserves of CBT and Treasury combined Observed Observed 7. Floor on overall balance (before transfers) of SSIs Not observed Not observed Inflation consultation clause Comment 1. End-June 2007 Inner band exceeded; discussions with staff held 2. End-September 2007 Inner band exceeded; discussions with staff held 3. End-December 2007 Outer band exceeded ; open letter issued Structural performance criteria 1. No new amnesties of arrears

International Monetary Fund. Western Hemisphere Dept.

in short term peso bonds were issued in August and September, with yields in excess of 50 percent for 3- to 6-month maturities. 7. The large and rapid depreciation of the peso has caused inflation and inflation expectations to depart from program targets . With medium-term inflation expectations now well outside the program’s inflation consultation clause outer band through end-2020, the strength of the nominal anchor provided by the inflation targeting regime has been undermined. FX LETES Private Sector Rollovers Private sector deposits (In