The banks, which want the limit of $5 million as the minimum placement amount to be lowered, assure that they do not have instruments to be able to “fit” the operation.
The UVA fixed terms They grew exponentially since it is the only instrument that guarantees savers not to lose against inflation. However, the banks They pressure the Government to limit UVA fixed terms.
UVA fixed-term placements had a minimum term of 90 days and at the end of the year the BCRA wanted to convince the banks extending the minimum deposit period to 180 days. But this is insufficient for the banks that They want the limit to be lowered to $5 million as a minimum amount placement.
UVA fixed terms grow
Specifically in one month, UVA fixed terms were at the level of $265,000 million from the private sector (as of December 7) and a month later, On January 8, they rose to $658 billion.
However, despite the exponential growth, These inflation-adjusted PFs represent only 4.89% of the totalunder the peak of 7.2% that they represented in July 2022.
It should be noted that on December 28, the Central Bank (BCRA) decided to double the minimum stay period established for the UVA fixed terms, and, in this way increased it from 90 to 180 days (about six months).
Changes in monetary policy
It is worth remembering that on December 18, The BCRA board decided to lower the rate of traditional 30-day fixed terms to 110% (Annual Nominal Rate, TNA) from 133% and, in this way, the monthly yield of these savings instruments became 9.04%, when until that moment, it was 11%.
From the financial sector They assure that they do not have instruments to be able to “fit” the operation. The banking sector assures that it does not have investment options that ensure they can pay inflation plus interest at maturity.
Source: Ambito
