The resolution became official after a meeting held by the Board of Directors after the meetings held by the economic team over the weekend.
He central bank raised the fixed term rate as announced this Sunday, after the meeting of the economic team from Saturday afternoon. The adjustment is 600 basis points, which will place it at 97%. The resolution became official after a meeting held by the Board of Directors to approve this rate increase measure for Liquidity Bills (LELIQ) and repos, which is transferred to Fixed deadlines.
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“Simultaneously and in order to maintain the incentive to save in pesos, the BCRA raised the minimum guaranteed interest rate on fixed terms for individuals, establishing the new floor at 97% per year for 30-day deposits up to 30 million pesos (154% of TEA) For the rest of the fixed-term deposits of the private sector, the minimum guaranteed rate is established at 90% (138% of TEA), explained the official statement of the Central Bank.
In addition, it was arranged reduce the rate for financing unpaid credit card balances by two points for human persons and since June it has dropped from 88% to 86% TNA. The rates of the Financing Lines for the MiPyme Productive Investment maintain the status of subsidized lines. For Investment Projects, the rate is 76% and for Working Capital 88% TNA.
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“The monetary authority’s decision is based on the objective of tending towards positive real returns on investments in local currency and acting immediately to prevent financial volatility from acting as a driver of inflation expectations. Likewise, this decision is coordinated in the context of maintaining consistency with the level of short-term interest rates of the National Treasury debt instruments.
“The BCRA will continue to monitor the evolution of the general level of prices, the dynamics of the financial and exchange markets, and of the monetary aggregates for the purpose of calibrating its rate policy,” the agency concluded after the strong rise in inflation in April that scored 8.4%.
Source: Ambito
