The BONEX Plan was a forced conversion of bank time deposits to Treasury bonds performed by the Argentine government in January 1990. It was put in place following a 3079,5% hyperinflation in 1989, as heterodox stabilization programs failed. US$3 billion worth of the public's deposits were converted to "Bonex 89" bonds to be repaid in 1999. It amounted to a partial default from the Central Bank and Treasury to commercial banks, who in turn partially defaulted into their depositors. A freezing of deposits was also undertaken in neighbor country Brazil at the time, during the Plano Collor.
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| - BONEX plan (en)
- Plan Bonex (es)
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| - El Plan Bonex fue un plan económico impulsado en Argentina en diciembre de 1989, durante la presidencia de Carlos Saúl Menem. Consistió en el canje compulsivo de los depósitos a plazo fijo por títulos públicos denominados Bonex 89, y se dio en un contexto hiperinflacionario. Bonex era la abreviación de BONos EXternos. En efecto, uno de los objetivos del plan era reducir la liquidez de los ahorristas (al cambiar efectivo por bonos). Esto generaría menor demanda por bienes y servicios o compra de dólares, lo que ayudaría a reducir la inflación. Los bonos podían negociarse en mercados secundarios. (es)
- The BONEX Plan was a forced conversion of bank time deposits to Treasury bonds performed by the Argentine government in January 1990. It was put in place following a 3079,5% hyperinflation in 1989, as heterodox stabilization programs failed. US$3 billion worth of the public's deposits were converted to "Bonex 89" bonds to be repaid in 1999. It amounted to a partial default from the Central Bank and Treasury to commercial banks, who in turn partially defaulted into their depositors. A freezing of deposits was also undertaken in neighbor country Brazil at the time, during the Plano Collor. (en)
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| - The BONEX Plan was a forced conversion of bank time deposits to Treasury bonds performed by the Argentine government in January 1990. It was put in place following a 3079,5% hyperinflation in 1989, as heterodox stabilization programs failed. US$3 billion worth of the public's deposits were converted to "Bonex 89" bonds to be repaid in 1999. It amounted to a partial default from the Central Bank and Treasury to commercial banks, who in turn partially defaulted into their depositors. It was caused by the government's political inability to undertake rigorous fiscal reforms, and a monetary sterilization policy which generated a major 'quasi fiscal' deficit to the Central Bank, further fueling a long-standing high inflation rate. Its high debt made the Central Bank lost most of its capacity to carry out independent monetary policy. A freezing of deposits was also undertaken in neighbor country Brazil at the time, during the Plano Collor. (en)
- El Plan Bonex fue un plan económico impulsado en Argentina en diciembre de 1989, durante la presidencia de Carlos Saúl Menem. Consistió en el canje compulsivo de los depósitos a plazo fijo por títulos públicos denominados Bonex 89, y se dio en un contexto hiperinflacionario. Bonex era la abreviación de BONos EXternos. En efecto, uno de los objetivos del plan era reducir la liquidez de los ahorristas (al cambiar efectivo por bonos). Esto generaría menor demanda por bienes y servicios o compra de dólares, lo que ayudaría a reducir la inflación. Los bonos podían negociarse en mercados secundarios. (es)
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