This happens after the Central Bank (BCRA) decided to cut the monetary policy rate six times since the arrival of Javier Milei to the Government.
In this framework, the TNA went from 133% in December to 40% today.
Depositphotos
The Consumer Price Index (CPI) for May was 4.2% as revealed by the National Institute of Statistics and Censuses (INDEC) and the year-on-year figure was 276.4%. The organization released the data this Thursday, June 13 and, now, the market begins to analyze what will happen to the monetary policy rate, clike every time the inflation number is known. But, this month, there is an additional piece of information and that is that the Minister of Economy, Luis Caputo, said that “the era of the negative real rate is over“and that increases expectations.
In this context, some banks began to increase the yields of 30-day fixed terms and modified the decreasing trend that had been maintained since the beginning of 2024. And, as the analysts explain, “these statements by Caputo have to do with the fact that Until a couple of weeks ago, the monetary policy rate was behind inflation and with the objective of liquefying the entire stock of pesos and the liabilities of the Central Bank (BCRA).” This aimed to encourage the migration of banks from repos to Treasury bills.
Little by little, this objective was achieved and the reference rate began to be that of the LECAP, which yields 4.2%-4.5% in the short term and, after the last Treasury tender, which was this Wednesday June 12, and with the May inflation data on the table, it became real positive.
Which banks increased the interest rate on fixed terms?
Some financial entities increased the interest rate for fixed terms and reversed the trend of recent months.
1. VOII – 35%
2. UALÁ (UILO) – 35%
3. MERIDIAN – 34.5%
4. CMF – 34.5%
5. MORTGAGE – 34%
6. REGIONAL CREDIT CÍA. END. – 3. 4%
7. BICA – 34%
8. MACRO BANK – 33%
9. COMAFI – 33%
10. BIBANK – 32%
11. BANK OF TIERRA DEL FUEGO – 32%
12. SANTANDER – 31%
13. CREDICOOP – 31%
14. ICBC – 31%
15. HSBC – 31%
16. BANK CITY – 31%
17. BANCO DEL SOL – 31%
18. BANK OF CHUBUT – 31%
19. PROVINCE BANK – 30%
20. NATION BANK – 30%
21. BANCOR – 30%
22. BANK GALICIA – 30%
23. BANK JULIO – 30%
24. BBVA – 29.5%
25. CURRENT BANK – 28%
26. DINO BANK – 28%
27. BESTSELLING BANK – 27%
savings fixed term finance investments interest rates
Depositphotos
This happens, it should be remembered, after the Central Bank (BCRA) decided to cut the monetary policy rate six times since the arrival of Javier Milei to the Government. In this framework, the TNA went from 133% in December to 40% today.
Source: Ambito
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