Fixed-term rates fell by up to 12 points after the legislative elections, in a market that is betting on greater stability.
The financial day expanded the effects of the ruling party’s victory in the legislative elections. The fixed term rates published by the Central Bank of the Argentine Republic (BCRA) marked a downward trend, while the stock market experienced a round of euphoria, with increases of more than 20% on the Buenos Aires Stock Exchange and up to 50% in the ADRs of Argentine companies in New York.
In this context of stock market euphoria, Savers faced a general drop in the yields of traditional fixed terms. Annual nominal rates (TNA) were reduced between 1 and 12 percentage pointsaccording to the entity, reflecting the lower exchange rate pressure and a climate of greater financial optimism.
Fixed term: updated returns, bank by bank
According to the official list of the BCRAthis is how the main 30-day deposit rates were for an amount of $1 million:
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Argentine Nation Bank: 44% TNA
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Banco Santander Argentina: 32% TNA
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Banco Galicia and Buenos Aires: 37% TNA
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Provincial Bank of Buenos Aires: 39% TNA
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BBVA Argentina: 40% TNA
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Macro Bank: 42% TNA
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Credicoop Bank: 39% TNA
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ICBC Argentina: 40.8% TNA
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City Bank: 38% TNA
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Bica Bank: 53% TNA
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CMF Bank: 54% TNA
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Comafi Bank: 43% TNA
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Commerce Bank: 44% TNA
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Bank of Córdoba: 46% TNA
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Sun Bank: 48% TNA
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Meridian Bank: 52% TNA
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Voii Bank (digital banking): 54% TNA
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Regional Credit Financial Company: 52% TNA
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Reba Financial Company: 50% TNA
BCRA Central Bank
The highest yields continue in the hands of digital banks and regional entitiesas Voii, CMF and Meridianwhich continue to offer rates above 50%. On the other hand, among the leading private banks, none currently exceeds 44%.
The downward adjustment in yields responds to the new financial scenario after the elections. Analysts highlight that the official victory reduced the demand for exchange coverage and lowered the expectation of devaluation, normalizing the exchange market.
Source: Ambito
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