The Central Bank (BCRA) announced new measures that They seek to gradually raise the minimum cash that banks They must immobilize by the deposits of Common investment funds (FCI), The vehicle that virtual wallets use to make profitable balances. It is important to underline that fixed deadlines will not be reached by this decision: The impact will concentrate exclusively in the FCI.
When presenting the initiative, the president of the BCRA, Santiago Bausili, recalled that today the deposits of the FCI tax a lace of 20%, significantly less than people and companies face. That gap, he warned, adds a layer of intermediation that makes credit more and more volatile. Therefore, the entity plans to level the lace requirements, although the date of entry into force is still under analysis.
Less credit costs, less rate for savers
The official objective is to reduce financing for companies and families. A greater lace, lower rate can offer the bank to the depositor; Already the reverse, lower costs are translated – at least in theory – in more accessible loans. However, the adjustment will bring with it a collateral effect: The short -term FCI yields, which invest a good part of their wallets in paid accounts, will tend down.
“This measure seems very technical, but seeks to reduce the financial cost of the economy,” Federico Furiase, director of the BCRA synthesized during the presentation of the new guidelines.
Roberto Geretto, Portfolio Manager of Adcap Grupo Financiero, put the focus on another derivation of the announcement: the transfer of the remunerated liabilities of the BCRA (Las Lefi) towards the Treasury Lecaps. “The replacement of Lefi with LECAPS does not have an immediate impact, but it will be key Unification of requirements that today favor the FCI.
For his part, Diego Martínez Burzaco, Country Manager of INVIU, warned of the effect that this homogenization could have on the fees: “There will be a bearish pressure that would particularly affect the FCI of fixed short -term income.”
A change in the risk -kicidity relationship
In practice, common funds – star wallets from virtual wallets – use three pillars to obtain yields: remunerated accounts, boucion and fixed deadlines. If the accounts pay less, the gap with the Badlar rate (reference of the traditional fixed deadlines) will be expanded, more expensive the “price” of maintaining immediate liquidity.
In terms of stability, the BCRA seeks to reduce the volatility that today prints the daily rotation of FCI deposits between entities in search of the best rate. This practice forces banks to load a premium for uncertainty or directly limits their ability to grant credit.
For now, the official road map does not include a specific date of entry into force. But the industry already takes note: Less profitability for common funds and, on the horizon, a bank loan that aspires to be cheaper.
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.
