The Central Bank (BCRA) announced that will begin to publish a new interest rate for wholesale fixed termswhich will include information from all the banks in the country. The new reference will be called “Argentina Wholesale Rate (TAMAR)”.
The TAMAR will be calculated based on fixed-term deposits of $1,000 million or morewith expiration of 30 to 35 days. It will be published daily starting December 2, 2024 and will be included in the “Main Variables” section of the BCRA website.
Why is the BCRA launching the new rate for fixed terms?
“Unlike other reference interest rates, such as the BADLAR and the TM20, The distinctive characteristic of the TAMAR is that the minimum amount of deposits eligible for calculation will be updated annually“, reported the monetary authority in a statement.
The update will be done between October 15 and 31 of each year based on the accumulated variation of the Consumer Price Index (CPI) of INDEC in the previous 12 months. The result will be rounded to the nearest multiple of $100 million. The BCRA explained that The objective is to “ensure the relevance of the TAMAR as a representative deposit rate of the wholesale segment in the long term.”
The entity chaired by Santiago Bausili explained that “TAMAR will only include operations in pesos andand will publish in six daily series: three series of interest rates (private banks, public banks, and total banks) and three series of amounts operated (private banks, public banks, and total banks).”
The rates will be calculated as weighted averages according to the information that the banking entities send to the BCRA. As with the rest of the daily deposit rates, the data will be published one business day behind. The series will have historical information starting October 1, 2024.
Its publication will be definitive, that is, it will not be recalculated due to rectifications or new information sent by the reporting banks subsequently, added the regulatory body of the financial system.
The Central clarified that the publication of the rates BADLAR ($1 million or more) and TM20 (of $20 million or more) will continue unchanged. As of November 5, the private BADLAR rate was 36.31% nominal annual and 42.97% effective annual. The TM20, meanwhile, was at the nominal annual 37.68%.
Source: Ambito
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