How is the interest for the installments and the minimum payment?

How is the interest for the installments and the minimum payment?

The Central Bank (BCRA) raised the interest rate for fixed terms but reduced the rate for financing unpaid credit card balances by two points.

Mariano Fuchila

He Central Bank (BCRA) announced after the meeting of the economic team on Saturday afternoon, an adjustment of 600 basis points in the annual nominal yield (TNA) for Liquidity Letters (LELIQ) and reposwhich moves to the fixed terms and that was located in 97% but there were also changes for financing with credit cards.

The monetary entity It decided to reduce the rate for financing unpaid balances of credit cards for individuals by two points and since June it has dropped from 88% to 86% TNA.

“The decision of the monetary authority 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,” they detailed.

This is in addition to the announcement previously made by the Secretary of Commerce and explained that will lower the rate of Now 12another measure aimed at the same line.

Sources from the Palacio de Hacienda specified last Saturday, when providing details about the battery of measures that were decided to implement that “Starting next week, the cost of financing in 12 installments will drop 9 percentage points.”

The lowering of the interest rate will be applied only for the term of 12 installments. Currently, the maximum rate that businesses that adhere to the 12-month plan can charge is 77.35%, so it will now be 68.35%.

Source: Ambito

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