On the one hand, it provided for the deregulation of minimum interest rates for fixed deadlines starting this Tuesday, March 12, and on the other hand applied a strong reduction in the monetary policy rate. In addition, he defined modifications to the rules for access to the Pass window.
Fixed term: how much does it yield now
The Government says that a lower rate helps to “emit less” and It will be justified today if there is lower inflation (less than 15%) this afternoon, but it sounds like they actually lowered the rate yesterday.”aggressively” to “push” the market to go to the Treasury Exchange this afternoon, analyzes economist Fernando Marull.
For example, in the National Bank As of today, a 30-day peso placement yields as follows:
- Capital: $100,000
- Earned interests $9,041.10
- Total amount $109,041.10
- TNA 110.00%
- TORCH 186.65%
Nevertheless, Ambit was able to access the first reactions of some financial entities to the deregulation of the fixed term rate. Some of them are:
- Santander 70% TNA
- Patagonia 71% TNA
- BBVA 75% TNA
- City 75% TNA
- Ualá 90% TNA
- Comafi Bank 73.5% TNA
Impact of the BCRA measure
No incentives to stay at the rate (Money Markets and Remunerated accounts), peso investors are going to go to CER Bonds and enter this afternoon’s Exchange, Marull maintains.
The economist maintains that The CCL dollar should also rise, since The rate of 6.8% monthly or less, adding to a dollar of $1,000, can “reactivate” demand for the dollar. But the exporting dollar contributes US$70 million per day (a lot), which limits the rebound of the dollar.
Finally, loans tied to the Badlar rate are going to drop 20% (Badlar from 108 to 88%), warns Marull.
Passive passes of the BCRA: this is how the monetary policy rate remains
It is worth remembering that the BCRA had fallen On December 18, the fixed-term interest rate from 133% to 110% annual nominal (TNA) for traditional 30-day placements. In this way, the monthly yield (TEM) of these savings instruments became 9.04% (below the price index in recent months).
And now, go one step further, in that sense, by arranging a reduction in its monetary policy rate (that of the passes) from 100% to 80%.
As economist Federico Furiase, right-hand man of Luis Caputo“this implies a drop in the effective monthly repo rate from 8.6% to 6.8% monthly effective rate (TEM) and, therefore, a reduction in the endogenous monetary issue (due to repo interest) around $530,000 million per month, equivalent to 5% of the current monetary base.”
On the other hand, the normalization of liquidity management through repos was established, that is, “As of March 18, access to the pass window will once again be exclusive for financial entities regulated by BCRA“. Thus it was established through the Communication “A” 7977 of the BCRA.
Source: Ambito
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