In the last twelve months, the amount of pesos deposited in this type of banking vehicle fell by $77,661 million, more than 20%.
Fixed term UVA: massive outflows of deposits tied to inflation
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In the last twelve months, the amount of bank deposits in these instruments was reduced by $77,661 million, more than 20%. In turn, if the effect of inflation is taken into account, the reduction in the stock of UVA deposits was greater than 62% in one year.
To graph, on July 13, 2022 there were 2,908 million UVA’s in indexed deposits, on July 12, 2023 there were only 1,088 million UVA’s left in those same vehicles.
Why didn’t banks offer them? because as inflation rose, the disbursement of pesos in interest to savers had to be higher and higher in contrast with their financial placements that were governed by a more stable interest rate and to increase the number of deposits would produce a mismatch.
Why did savers stop investing in them? heThe interest rate of the traditional fixed term reached 97% annual nominal last May, which is equivalent to 154.28% in effective annual terms. And, in the last two months, there was a decline in the CPI. Besides The fixed term UVA always had the disadvantage of having a minimum term of 90 days.
In the last twelve months, the amount of pesos placed in a fixed term grew 131%, in nominal terms, from just over $5,000 million to almost $12,000 million today, without taking inflation into account.
Source: Ambito
