After the Central Bank modified the reference rates, the installment program also had a modification.
Last Monday on central bank arranged a strong reduction of the monetary policy rate, which implied that the reference rate was located at 80% TNA. At the same time, it caused the fee rates to also be modified and now it was the turn of Simple fee, the consumption incentive program carried out by the Government.
The reduction of the rate to 80% brought a decrease in the Simple Fee rate, which was previously 93.5% and now it will go to 68%. This is because for this program a percentage of the rate of the fixed term that is, according to each of the banks, between 70% and 75%.
For each type of the Program, the Direct Rate will be calculated by dividing the sum of the interest accrued in each installment by the value of the coupon. In turn, interest will be calculated as the subtraction between the value of the coupon and the present value of the installments, discounted with the aforementioned rate. The present value will be calculated at the time of effective payment to the merchant. It is also worth clarifying that the new direct rates have already been made effective from third business day afterr on the day that the CENTRAL BANK OF THE ARGENTINE REPUBLIC modifies the reference rate.” That is, Thursday.
Thus, through Resolution 91/2024 published in the Official Gazette, it was suggested: “use the “Monetary Policy Rate (in % na)” reported by the CENTRAL BANK OF THE ARGENTINE REPUBLIC as new reference for the rates of the “SIMPLE QUOTE” Program.
What is simple fee
Simple Fee It is a program that allows you to pay in 3 and 6 fixed monthly installments with a rate of 85% of the fixed term rate established by the Central Bank for 30 days, updating automatically. One of the alternatives that are being discussed in the Ministry of Commerce is the possibility of raising the limit for payment in installments available on the credit card.
Regarding the future of Cuota Simple, a priori, the intentions would be for the program to continue after May 31, the date that was set as the deadline for the first stage. Although they emphasize that The final decision will be made the days before.
As for the items included, to the initial 29, last Monday the decision was made to add imported footwear and school bookstore items. Under the justification that in this last sector the 80% of the market supply comes from abroad.
Source: Ambito
