As part of the battery of 9 measures announced by the Ministry of Economy to try to curb inflation and contain the dollar, the Central Bank (BCRA) it touched the benchmark rate and other interest rates that affect both individuals and businesses.
Thus, while the fixed conditions have increased to induce small investors to stay in pesos and not to take refuge in the dollar; It put a cap on the interest that must be paid if all or part of the credit card charge is refinanced. The latter will last from June.
Despite the measures, of which only 2 of the 9 announced had been implemented up to yesterday, the foreign exchange market reacted to the Massa plan with increases, the The central bank was able to buy $60 million, but blue added $9.
After the 8.4% increase announced by INDEC on Friday and despite the deployment of measures, the blue closed the first round of the week with an increase to $483, just $14 from its record reached last month .
Next, which rates are going up and which are going down:
Fixed deadlines
For resellers with placements up to $30 million, the rate will be 97% per year. “For the rest of the fixed-term deposits of the private sector, the minimum guaranteed rate is set at 90% (138% of the TEA)”, specifies the Central Bank. This rate hike implies a monthly return of around 8%, which still loses against past inflation and also with the estimates that most of the Council’s consultants made for the month of May.
“In an effort to maintain the incentive to save pesosthe BCRA has raised the minimum guaranteed interest rate on fixed terms for humans,” the monetary authority said in a statement released on Monday.
This way, if a saver You want to make a profit close to $100,000 for a fixed term of 30 days, You will need to invest $1.3 million. The profit in that case would be $104,000. At the end of the month, the investor will have in his possession: $1,404,000.
In April, a bank deposit paid an average monthly rate of 6.6%, well below the 8.4% recorded inflation. The current yield number will also drop again if May inflation approaches 9%, as expected by analysts.
cards
To mitigate the impact on consumption of the increase in the cost of credit, the Central Bank has ordered “reduce the rate for financing credit card defaults by two percentage points for human persons and since June it has dropped from 88% to 86% of the TNA”.
The reduction in the rate does not apply to credits that have already been opened or to those that are paid regularly with already defined installments. will come into effect only for unpaid balances on a person’s total bank statement.
That is to say, for those who pay the card in full, nothing changes. The two-point drop is for those who refinance all or part of their credit card statement.
As a further mechanism to stimulate consumption, it was also envisaged, according to this Tuesday’s Official Gazette, higher refunds for debit card purchases made by vulnerable sectors. Not only has the duration of this benefit been extended (it will now run through December 31, 2023), but the rebate balance has been doubled from $2,000 to $4,000.
now 12
With the aim of not increasing costs for families even further and helping consumption, Now 12 tax rates are reduced by up to 9 percentage points. It is, as announced in Economy, “a specific advantage for merchants and companies”.
This should reduce the financial burden of these installments from 81.75 to 72.75%. Until yesterday evening, however, the provision had not been made official.
“In this way the consumption of ONLY PRODUCTS OF NATIONAL ORIGIN is promoted, which account for 5.8 million monthly transactions for a total of over 250 billion pesos”, they detailed in the Palacio de Hacienda. At the same time, the repayments that are currently made to the most vulnerable sectors for consumption with debit cards will increase.
leliq
Central Bank Liquidity Letters (Leliq) are instruments by which the BCRA it absorbs the liquidity of the deposits that are in the banks and on which it pays interest. The Central increased by 600 points based on the Leliq rate, which brings the yield on bank loans to 97% per annum and implies an effective rate of 155%. This will generate an increase in monetary issuance to meet these liabilities.
PMI
To mitigate the increase in the cost of credit for businesses, the Central has established that “the rates of the financing lines for productive investment of the MiPyme maintain the status of concessional lines. This implies that for investment projects, the rate is 76% and for working capital 88% TNA. In this way, the Headquarters releases the rise in forward rates from lines destined for working capital.
NS
Source: Clarin
