There is a scenario of lower liquidity and greater need for pesos by banks to feed credit, which became cheaper due to the fall in rates.
The demand for credit is on the rise in the financial market and savers are placing fewer and fewer fixed terms, there is a shortage of pesos in the market for the Government’s monetary emission reduction policyadded to the fall in the price of the dollar, which generates greater demand for local currency and, in this context, banks require greater sources of liquidity to respond to the greater request for financing generated by theThe drop in rates implemented by the Central Bank (BCRA), combined with a greater need for money due to deteriorating income.
In this context, most banks They get rid of a large part of the Fiscal Letters (LEFI) that they bought from the Government as instruments to have liquidity, but others do not have as much volume of these instruments and offer a higher rate for fixed-term deposits to capture liquidity from clients. They do this, especially with fixed terms that have a longer placement period in order to guarantee a longer stay for the funds that support the credit.
It is worth remembering that, last week, the Central Bank (BCRA) announced a surprise rate reduction after the publication of the Market Expectations Survey (REM). In this way, it went from 35% to 32% (annual nominal rate, TNA). This fact has a direct implication on fixed terms, remunerated accounts and the dollar.
Thus, the reference Monthly Effective Rate (TEM) was established at 2.6%, slightly below inflation in October, which reached 2.7%, and that projected for November, which, according to private estimates, will range between 2.8% and 3%. Although the official data will be published on December 11, The Central Bank decided to anticipate with this measure. In this sense, the accounts paid until Friday did not correct their returns, but they are expected to do so in the coming business days.
Fixed term: how much each bank pays
The banks already They do not apply a regulated rate to the fixed termbut they set it according to their criteria. It was expected that there would be a downward adjustment and that trend was confirmed, although some choose to give a better performance, as stated, because they need greater liquidity to face an increase in credit demand that is seen these days.
We can speak of a new scenario in which the demand for credit and the availability of liquidity begin to arbitrate, in some way, the rate offer. Many dismantle the LEFI to counteract this greater demand for pesos, but others do not have these instruments under their belt and resort to seeking more flow.
From highest to lowest rate
- BANCO CMF SA: 35%
- BICA BANCO SA: 35%
- BANCO VOII SA: 35%
- COMPAÑÍA FINANCIERA SAU REGIONAL CREDIT: 35%
- BANCO HIPOTECARIO SA: 36%
- BANCO MERIDIAN SA: 34%
- BANCO JULIO SOCIEDAD ANONIMA: 32%
- BANCO DEL CHUBUT SA: 32%
- INDUSTRIAL AND COMMERCIAL BANK OF CHINA: 32%
- CREDICOOP COOPERATIVE BANK LIMITED: 31%
- BANCO MACRO SA: 30.5%
- BANCO HIPOTECARIO SA (second): 30.27%
- BANK BBVA ARGENTINA SA: 30.25%
- BANK OF THE ARGENTINE NATION: 30%
- BANCO DE CORRIENTES SA: 30%
- BANK OF THE PROVINCE OF CÓRDOBA: 30%
- BANCO DEL CHUBUT SA (second): 30%
- BANCO DINO SA: 30%
- BICA BANCO SA: 30%
- BANCO JULIO SOCIEDAD ANONIMA (second): 30%
- BANCO MASVENTAS SA: 23.5%
Source: Ambito
