The fixed deadlines They continue to gain followers. 30-day placements had an increase of 8.4% real monthly in October, They slowed the year-on-year decline (which was due to the negative rate in the first half of the year) and are in line with the rest of the types of deposits in pesos (-31% y/y real). The explanation for the variation of this segment is explained fundamentally because The decline in inflation improved the monthly performance (TEM), that offered this type of investment.
For their part, remunerated deposits in Common Investment Funds (FCI) They also grew and have had their fifth consecutive month of real increase, this time by 3.1% monthly. According to a report by LCGalthough this increase in October was greater than that in September (+0.8% m/m real), “still below the average of recent months.”
“This lower monthly increase, correlated with the greater increase in fixed terms, can infer that individuals preferred deposits with higher remuneration, even if they are flexible,” the consulting firm explained.
Finally, in October A drop in demand deposits was also reported, for the third consecutive month (-2.2% m/m real). In the case of savings banks, they fell 5.2% real monthly.
“With inflation that seems to continue slowing (around 3%) for the last months of the year” and the reduction of the monetary policy rate, this would provide a growth floor for deposits. Likewise, the lowering of rates is beginning to make remunerated workers lose attractiveness,” LCG analysts pointed out.
What happens to fixed terms after the rate drop
He Central Bank (BCRA) announced a 5-point drop 10 days ago percentages in its monetary policy rate and in this way it went from 40% TNA to 35%. Banks, no longer required to pay a minimum rate, offer their clients returns of up to 36% for the main banks.
It is important to note that, with the BCRA’s decision, the Monthly Effective Rate (TEM) became 2.92% and the annual effective rate (TEA) is, as of today, 41.88%. So, The monthly performance is around the expected inflation for October, which will be around 2.7%-2.9%according to private estimates.
“It was something that, in some way, the market was anticipating with the investment in the peso curve. The decision is made within the framework of lower inflationary expectations. According to what the market expects in terms of inflation for the coming months, The rate that the BCRA has just set remains slightly positive and it goes in the direction of continuing to accompany the convergence of variables,” he told Ámbito, Andrés Reschini of F2 Financial Solutions.
In comparison, virtual wallets offer a rate ranging from 30% to 40% TNA. Fixed terms and Common Investment Funds (FCI) seem to be the most chosen investments for retailers.
Source: Ambito
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