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Government asks banks to improve interest rates: How much does a fixed term pay today?

Government asks banks to improve interest rates: How much does a fixed term pay today?

It should be remembered that Caputo expressed his desire for banks to adopt the Treasury rate as a reference. Despite his request, banking entities have not yet raised the interest rate offered on fixed terms.

Government asks banks to improve interest rates: How much does a fixed term pay today?

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He central bank (BCRA) implemented a forceful measure in mid-May by reducing the interest rate to 40% (TNA), with the objective of clean up its balance sheet and promote a migration of pesos to the Treasury. Now, the Government seeks to persuade banking entities to offer Fixed deadlines adjusted to the rates of the Capitalizable Treasury Bills in Pesos (Lecap). However, financial institutions show resistance, considering rate convergence as a medium-term process.

And there does not seem to be a big difference between what the National Treasury pays and what the Central Bank can offer to financial entities, especially for follow the dynamic of capturing pesos from savers through a fixed term and lending it to some State entity. It is worth remembering that the BCRA reduced its rate to capture repos to 40% nominal annually.

In this context, the Minister of Economy, Luis Caputo, expressed his desire for banks to adopt the Treasury rate as a reference. Despite his request, Banking entities have not yet raised the interest rate offered on fixed terms.

fixed-term investments finances cedears

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The modification in interest rates thus resulted in some banking entities now operating with rates below 40%, in contrast to the 110% they offered until March 11. Below is a complete list of the major banks and their updated rates.

Banks

  • Mortgage – 34%
  • Macro – 32%
  • HSBC – 32%
  • BBVA – 31%
  • Comafi – 31%
  • Banco Nación – 30%
  • Galicia – 30%
  • Provincial Bank – 30%
  • Credicoop – 30%
  • ICBC – 28.70%
  • Santander – 28%

This list shows the banks sorted according to their TNA in descending order.

Bye fixed term: the digital wallets that pay the best

  • Orange X – Promotion up to $400k – 43%
  • Personal Pay – 38.93%
  • N1u – Delta Pesos (A) – 37.50%
  • Payment Market – 33.84%
  • Claro Pay – 30.49%
  • LetsBit – 28.53%

Source: Ambito

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