Monetary and banking radar

• Daily data from the BCRA Monetary Statistics API v4.0. Balances are taken on the last business day reported each month; rates, as monthly averages. The current month is shown only once it ends.
• Constant pesos: the month's value × (CPI of the latest published month ÷ CPI of the month), with INDEC's national CPI.
• Real year-on-year change = (balance of the month ÷ balance a year earlier) ÷ (CPI of the month ÷ CPI a year earlier) − 1.
• Expected real rate = (1 + TAMAR effective annual rate) ÷ (1 + REM median 12-month expected inflation) − 1.
• Private M3 in pesos = notes and coins held by the public + private-sector peso deposits. Cash in banks and bank reserves are subtracted from the monetary base because they back those deposits.
• Nominal contraction and loss to inflation: when an aggregate fell in real terms, the fall is split between fewer pesos and the loss against inflation (the same formulas as the fiscal block).
• Color never says whether a figure is good or bad: green and orange only show whether a number went up or down.

Sources

• BCRA · Monetary Statistics API v4.0
• INDEC · CPI (CSV)