The Central Bank surprised on Monday evening with a new change in its monetary policy. The organization informed the market that starting from Tuesday, March 12, it will lower the economy’s reference rate, publish forward rates in banks and also “normalize” the repo rate.
In this way the economy’s reference rate, that of repurchase agreements, drops by 200 basis points and goes from 100% per year to 80% per year.
At the same time, he took note of an old request from the banks and the minimum rate has been eliminated for fixed-term placements, so that each entity can choose at which level to remunerate the fixed terms.
In practical terms, banks are no longer obliged to offer a minimum monthly return 9.1% as it had been until now. “This implies a decrease in the effective monthly repo rate from 8.6%TEM to 6.8%TEM,” explained Federico Furiase via X.
Christian Buleter explained that “after the publication of fixed-term rates they collapse, from 110%TNA yesterday they drop to 70%/75%” according to the banks. This implies a monthly return of between 5.75%/6.15% monthly compared to an inflation estimate of 18% for March.
Clarín entered the simulators of the different banks and the virtual wallets to corroborate the services that each offers. For example, Banco Nación has not yet changed its rates and for a placement in 30 pesos it gives a yield of 9.10%. That is, for $100,000 invested, approximately $9,000 in interest is generated in a month. This implies a TNA of 110%.
Other entities, however, quickly adapted their systems.
Santander already shows a nominal annual rate (TNA) of 70%; Patagonia 71%; Banca Comafi, 73.5%; BBVA and City 75%; and the Ualá virtual wallet, 90%.
Developing
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Source: Clarin
