Banks move interest rates on their 30-day fixed terms in line with the caution they exercise in the face of an uncertain outlook.
In recent days, the panorama of fixed terms in Argentina showed a clear trend: the interest rates offered by banks for 30-day deposits move cautiously. This directly affects savers who seek to protect their funds from inflation through low-risk instruments. The variability and dispersion of the proposals between the banking entities requires paying attention to the detail of each offer offered.
Official platforms, such as Central Bank of the Argentine Republic (BCRA)allow compare the offers of the different banks. This Thursday, October 9, ICBC is the bank with the highest interest rate on this type of placements.
Banks move fixed-term interest rates cautiously
Since the beginning of October, the average rates for 30-day fixed terms in pesos experienced a sustained fallevidencing a compression compared to previous values. Today, on the other hand, the trend marked the opposite direction.
The movement is framed in a macroeconomic context in which the organization chaired by Santiago Bausili made the margins more flexible so that banks define their own ratesfor the elimination of the mandatory minimum rate. Banks aim to remain more competitive, in a strange context, to say the least.
Fixed Term Silver
One by one, the interest rates of each bank
Here is an updated review of what some banks are offering as an interest rate for this Thursday, October 9 for 30-day deposits in pesos:
- Banco Nación: 39%
- Santander: 35%
- Banco Galicia: 37.5%
- Provincial Bank: 34%
- BBVA: 35.5%
- Macro Bank: 39%
- Credicoop Bank: 39%
- ICBC: 41.45%
- City Bank: 31%
Source: Ambito
