As expected, the Central Bank (BCRA) has applied a new reduction in the monetary policy rate (which is the overnight repo rate). With the 10% drop, the reference rate went from 80% to 70%. A month ago this would have meant that the performance of one-month fixed terms would uniformly become 5.4%. However, after the abolition – exactly on March 11 – of the minimum interest rate for these deposits, banks began to rapidly lower it. Now, how much do they earn in each entity and which one pays more.
The data is known just a day before the National Institute of Statistics and Census (INDEC) publishes the consumer price index (CPI), which the government expects to be around 10%, although consultants do not rule out that it is around at 12%.
After the reduction decided by the Central Bank, there are now fewer banks paying a nominal annual rate of 70%, which was the general percentage they were in after the decision announced last month. Now we will have to pay particular attention in the next few days to know what level they will finally be at.
A priori, according to the BCRA tariff comparator, the tariffs start show below 70%. Banco Nación, for example, went from 70% to 65% per year, or a return of 5.41%. This means that for a deposit of $100,000, $5,410 will be received in 30 days.
On the other hand, BBVA went from a 68% yield to a 66% yield, or 5.5% monthly interest. At $100,000 invested, the investor will receive approximately $5,500.
Bank by bank, what are the rates (for now)
- BBVA: 66%
- Banco Nación: 65% TNA
- Macrobank: 68% TNA
- Santander, Galicia, Banco Provincia, HSBC, Credicoop, ICBC and Banco Comafi: 70% TNA
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Source: Clarin
