He central bank On Tuesday, it ordered a reduction in the reference rate to 40% annually from the previous 50% after knowing the inflation data for April. Subsequently, it was the banks’ turn to adjust the interest they pay on savers’ fixed-term deposits.
The new rate is equivalent to an annual effective rate of 49.15%, the BCRA said in a statement.
The National Institute of Statistics and Censuses (INDEC) said that the Consumer Price Index (CPI) for April stood at 8.8%, below analysts’ estimates.
The reference rate set by the BCRA is the basis with which the Argentine financial system is managed and is a mechanism to adjust liquidity between banks.
“The BCRA authorities have been observing that the firmness of the government’s commitment to the goal of zero fiscal deficit increases credibility in the central anchor of the economic program and strengthens a path of lower inflation expectations,” said a BCRA statement. .
“The sustained confirmation of this commitment has made it easier for the BCRA to contract in real terms those factors that in previous years fueled growing monetary imbalances and promoted inflationary instability,” he noted.
Since Javier Milei assumed the presidency last December, the BCRA lowered the reference rate six times, which stood at 133% under the previous administration.
“In a period of 23 wheels he cut the rate from 80% to 40%,” recalled analyst Salvador Vitelli” and pointed out that “the key is the real rate.”
The interest rate that each bank pays for fixed terms
This is how the fixed-term rates remained after the reduction in the interest rate ordered by the Central Bank.
The data corresponds to the official website of the Central Bank and some institutions have not yet communicated the change.
- CITY BANK __41%
- BANK OF T. DEL FUEGO __41%
- MORTGAGE BANK __41%
- BANK OF THE NATION ____40%
- HSBC BANK ARGENTINA____40%
- MACRO BANK__ 40%
- BANK OF GALICIA__ 36%
- BANCO CMF SA____35%
- VOII BANK __34%
- MERIDIAN BANK __32%
- BICA BANK___ 32%
- COMAFI BANK ___31%
- BANK OF CHUBUT__ 31%
- BANCO DEL SOL __31%
- BIBANK SA____ 31%
- PROVINCE BANK __30%
- CREDICOOP BANK ____30%
- PCIA BANK OF CORDOBA__ 30%
- BANCO JULIO __30%
- ICBC __28.7%
- CURRENT BANK ___28%
- DINO BANK ___28%
- BBVA ARGENTINA BANK __28%
- SANTANDER BANK ____28%
- BEST SELLER BANK __27%
Source: Ambito
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