The Minister of Economy will announce the scheme for “Strengthening credit to the private sector and improvements in the regulatory framework.” More than 20 million Argentines will benefit when buying with a credit card.
Report by Liliana Franco-. The Minister of Economy, Sergio Massa, will announce this Monday an agreement with the banking chambers to allow the limits of the Credit cards. One by one, the measures that the government will communicate.
From the Palacio de Hacienda they communicated this Sunday that an increase in purchase margins will be implemented. “More than 20 million Argentines will be able to buy 30% more. For every $10,000 pesos available in a payment, 3,000 more pesos are added; and if a family had 50,000 pesos of credit on their card, now they will have 65,000 pesos”, they explained.
The agreement was reached with the Association of Argentine Banks (Adeba), which brings together national capital entities, and with Abappra, which brings together public and private banks. From the banking sector, they assured that “This effort must be complemented with actions by the State and by political leaders from all sectorsthat allow the macroeconomic ordering necessary to achieve the reduction of inflation”.
“Modifications to the regulatory framework are also required in order to promote the channeling of society’s savings towards credit, efficiently and avoiding the generation of distortions, especially those generated by setting minimum rates,” they added.
The increases that Massa will announce, point by point
- Purchase margins on credit card installments will increase by 30%.
- The margins of purchases with credit cards will be increased by 25% in one payment.
- Advance margins on checking accounts for MiPymes will increase by 25%.
- Those who pay with a credit card will be able to finance their consumption with a higher limit, both in installments and in cash.
The Government reported that the objective of the measures is sustain consumption, increase investment and reduce the damage of drought. The latter has generated a drop in reserves, with negative consequences on the trade balance and therefore on the economy.
These measures are in addition to the two announced last week that seek to sustain retail consumption, such as the reduction in the Now 12 rate and interest balances for credit cards, in addition to the increase in refunds to vulnerable sectors for card purchases debit.
Source: Ambito
