I was watching Argentina's daily change in monetary base for a selected period and there is a clear spike at the beginning on each month. Then during the month it slowly goes down until reaching similar nominal levels at the end of each month. Why is there a spike?
I had the hypothesis that the spikies were because of businesses redemptions in T+1 mutual funds in order to pay for wages, but on August 1st "the spike" was actually negative.
Context: during the selected period Argentina was doing a contractionary monetary policy and transfers from the Central Bank to the Federal government were forbidden.