Promoted by the “Carry Trade” scheme that encourages the government, the deposits to Fixed term They experienced a strong increase in the month of February, consolidating themselves as the most chosen investment option, Despite the MEP dollar rise. According to the latest monthly monetary report of the Central Bank (BCRA), These placements grew by 6.4% in real terms, overcoming the advance of MEP dollar, the exchange rate that increased the most in the second month of the year (about +3.5% real).
While January showed a more moderate expansion, 1.1% at constant prices, In February the trend was accelerated, with greater impulse, both of natural and legal personsbeing the latter the ones that most increased their placements.
Within the segment of Financial services providers, The role of Common investment funds Money Marketwhose equity increased 1.8% in real terms.
On the other hand, The greatest availability of funds favored fixed term placements, while the remunerated deposits suffered a monthly contraction of 8.1% in real terms.
As for the Interest rate, corresponding to the fixed wholesale terms (TAMAR), mainly operated by companies, averaged 30.1% annual nominal (NA), located 7.2 percentage points above the rate applied to the deposits in sight.
According to LCG, “the term placements were the only ones to register increases, driven by the` Carry Trade`: in February, in February, the reduction of the ‘Crawling PEG’ to 1% monthly encouraged the search for higher yields in pesos. In comparison with the previous year, 65% grew in real terms. “
In turn, they added that the “others” segment, mainly composed of investments with an early cancellation option (such as FCI) 6.5% fell in real monthly terms, interrupting an eight -month run. However, it is important to note that in January They had registered an increase of 30%. In interannual terms, 24.4%grew. “
Fixed term vs. Dollar: What can happen in the coming months
According to LCG analysts, “crawling peg” at 1% with rates above 2% in pesos “It will prolong the ‘Carry Trade’ scheme to the extent that it is perceived sustainable, encouraging term placements and investment in common funds.” In this sense, they emphasize that this will depend on the behavior of financial dollars, which are currently stable due to the intervention of the BCRA.
However, they warned: “This policy does not seem sustainable indefinitely, and the constant loss of reserves via intervention raises doubts, that the government tries to clarify by closing a new agreement with the IMF.”
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
