Financial Repression Tracker

Rules that steer savings into government debt or hold returns below inflation, country by country.

Rewrite · Extraordinary measures

Forced exchange or reprofiling of domestic debt and deposits

What it is
Unilateral extension of maturities of government paper held by residents, or compulsory exchange of deposits and bills for long-term bonds.
Why it counts
Domestic holders, who cannot easily exit, are forced to accept late or reduced repayment, lowering the state's financing cost at their expense.

When it was in force

  • Argentina: 2019, historical; its end is not documented

Example

  1. Argentina

    2019Historical

    Its end is not documented

    Unilaterally postponed payment of short-term Treasury bills (Letes, Lecaps, etc.): 15% paid at maturity, the rest after 90 and 180 days; individuals holding since 31 July 2019 were exempt.

    Decreto de Necesidad y Urgencia 596/2019, arts. 1-2Primary source
    “En las respectivas fechas de vencimiento previstas en los términos y condiciones originales se cancelará el QUINCE POR CIENTO (15%) del monto adeudado a la respectiva fecha.”

    boletinoficial.gob.ar (opens in a new tab)Checked: quote confirmed on the page by a reviewing agent

    Argentina today: index 40.1

Examples and their dates reviewed .