The yields offered by banks began to fall after the BCRA’s decision to cut the reference rate to 70%. Let us remember that since mid-March, the BCRA decided to deregulate the returns of fixed terms, by eliminating the minimum rate.
Some banks in the financial system began to lower yields of the Fixed deadlines to 30 days, after the BCRA’s decision to cut the reference rate by 10 points to 70% annually. Let us remember that since mid-March, the BCRA decided to deregulate the returns of fixed terms, by eliminating the minimum rate.
The BCRA’s decision is a consequence of the inflationary slowdown and the official strategy of maintaining the yields of the savers below inflation, accentuating the liquefaction of savings.
Upon assuming the current leadership of the BCRA, it was decided that the interest rate would drop from 133% to 100% and last month a new cut was added to 80%. At that time, the monetary authority also deactivated the obligation of banks to pay a minimum interest rate for fixed-term deposits, to encourage competition between banking entities.
The reduction in the interest rate also favors the Central Bank’s accounts since it will pay less interest on paid liabilities, one of the main concerns of President Javier Milei and the economic team.
On the other hand, a fall in the yields of fixed terms may encourage savers to get rid of these investments, switching to the dollar, which would underpin their value at a time when supply increases.
Fixed term ranking, Thursday, April 11, 2024
The rate proposed by most banks is beginning to be below 70%. For example, Banco Nación has already cut it to 65% annually, so if they are invested $100,000will be received $105,300 within 30 days. Which would also imply a monthly performance of the 5.34%. But there are entities that still offer higher returns. Below is the nominal annual rate offered by each bank:
- Macro Bank – 68% TNA
- Banco Nación – 65% TNA
- Santander – 70% TNA
- Galicia – 70% TNA
- Banco Provincia – 70% TNA
- BBVA – 66% TNA
- HSBC – 70% TNA
- Credicoop – 60% TNA
- ICBC – 70% TNA
- Banco Ciudad – 70% TNA
Source: Ambito
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