It was the second consecutive month in which UVA placements rose more than 5%. Thus, current growth rates are the highest since last July.
Conversely, traditional fixed terms fell and explained the real contraction of 0.4% for fixed terms as a wholedespite the BCRA’s decision to raise interest rates for the third time this year.
It is worth remembering that today the minimum guaranteed rate for placements of human persons for up to an amount of $10 million is 53.3% per year in effective termsa figure that exceeds the latest year-on-year inflation figure but is below the expected inflation for 2022, which is already close to 60% from the jumps in February and March (inflation was estimated at close to 6% for the last month).
At the same time, the BCRA report reflected that the means of payment (currency held by the public + sight deposits), or transactional private M2, contracted 4% in real terms compared to February, which represented its biggest drop since the end of 2018. In terms of GDP, money in circulation remained at a 15-year low, while sight deposits remained around the average for the 2010-2019 decade.
Based on these numbers, the broad monetary aggregate (private M3, which includes M2 + fixed terms) at constant prices would have registered a monthly decrease of 3.1% in March, which is the largest contraction since the end of 2019. As a percentage of the Product would have stood at 18.2%, 0.3 percentage points below the value of February, although slightly above the average observed in the past decade.
Source: Ambito
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