“Some analysts take the Annual Nominal Rate (TNA) and compare it with annual inflation. The correct thing would be to use the Annual Effective Rate (TEA). For example, it is not correct to compare the TNA of Leliqs with annual inflation. It should be used 48.3% of tea, “he said. Jorge Carrera, second vice president of the BCRA.
This is because the instruments do not remain still throughout the year but are paying interest according to their maturities, which are capitalized as investments are renewed.
In that sense, it is worth saying that The TEA for fixed deadlines is 46.8%. However, the private sector expects an inflation of 52.1% in 2022, according to the last survey of market expectations (REM). Therefore, the rate would remain negative in real terms.
If the person places a fixed term for the first time, he now obtains a monthly return of 3.25%. The number would be lower than the inflation that there was in December (close to 4% according to private estimates), although this is a month in which prices usually grow above average for seasonal reasons.
It is “a very small step on a long way towards monetary and financial normalization (from the BCRA),” said Alberto Ramos, Goldman Sachs analyst.
The plant also increased the rate for the wholesale fixed terms (Badlar) up to 37% in nominal terms and up to 44% in effective terms. In addition, it determined the progressive elimination of passive passes to seven days and created a new Leliq 180 days, with a 44% tna and a 48.9% TEA.
Market sources consulted by Ambit they projected that the Badlar Rate bonds will probably be the most demanded instruments in pesos after the rate hike.
Source From: Ambito
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