Interest-bearing demand deposits remained largely unchanged in August, in line with the assets of Money Market Mutual Funds (MMFs).
Traditional fixed-term deposits grew 3.6% in August, in real terms. In this way, they promoted a new improvement in the aggregate demand for pesos, which rose in six of the last seven months.
According to the recent monetary report of the Central Bank (BCRA), M3 (composed of fixed terms, demand deposits and currency in circulation) grew by 1.3% monthly compared to July, at constant prices and without seasonality.
Fixed-term deposits drove the rise, in a context of slowdown in inflation and reduction of the gap with the return on investments in pesos.
According to private estimates, Prices rose by nearly 4% in Augusta figure that, if it coincides with the INDEC data, would be very similar to that of July. In parallel, Today, the nominal annual rate (TNA) of a fixed-term deposit has a cap of 37% in the country’s main banks, equivalent to 3.1% per month.
After collapsing in December and January, time deposits began to recover, only to decline in June.
For their part, the Interest-bearing demand deposits remained unchanged in August, in line with the assets of Money Market Mutual Funds (MMF). In the non-remunerated segment, a decrease was observed fall in unremunerated demand deposits of 0.8% and a 1.9% increase in the amount of money in circulation held by the public.
Source: Ambito
