The Central Bank’s rate hike has failed to arouse the appetite of retail savers for traditional time deposits. Last month, 77% of placements in banks were equivalent to deposits of more than one million pesos. Large investors and companies last month supported the growth of peso stocks in banks from strong dollar gains generated in the first quarter.

until this year, the BCRA faced three upward adjustments to the monetary policy rate and took Leliq’s yield from the 38% annual yield they had through January to the current 44.5%. This indicates that the fixed terms for ordinary savers have ranged from paying 38% per annum from the beginning of 2022 to 43.5% per annum since March, yielding a truly effective rate (which can be achieved if the saver) renewed one month for one year in one month.its placement) which is 53.3%.

The adjustments did not have a significant impact on the volume of deposits at the time, whose stock grew in March just 0.2% above expected inflation. Even hePlacements of less than one million pesos decreased by 4% andn real terms about what was seen in February, according to data from the Central Bank.

Meanwhile, wholesale time deposits, which receive a lower premium of 39.5% per annum (an effective rate of 47.5%) showed growth of 1.4% in real terms in March. Although deposits in banks they pay less than the BCRA Leliq rate, The bet is interesting for companies: compared to the collapse of financial dollars that began at the end of January, this type of placement left a profit of 24% on the dollars in the first quarter.

“This contractionary dynamics of retailers has been observed since August 2021, with an average 3% drop month against the real month in the last eight months,” they pointed out to LCG consultancy.

The combo of ironed dollars and high inflation strengthened UVA’s time deposits, whose stock grew $ 23,383 million last month, showing the highest monthly variation for this type of placement since last June. years. Inflation data for Februaryto the surprise of the public and private sectors, The demand for this type of option that offers coverage against price increases has increased.

In March, UVA yields were fixed terms represents gains of 18% in dollars, according to GMA Capital data. However, the stock of this type of placement maintains a marginal position within total deposits at the time: last month it averaged $ 231,266 million, about 4.5% of the average of traditional fixed terms.

The market now expects Central Bank raises currency again this month, after INDEC officializes inflation data for Marchwhich is estimated to have a floor of 6% per month.

“This could cause an increase in term deposits, although we expect this increase to be marginal, as they will continue below inflation. In any case, in the short term, CER -adjusted deposits can get of greater participation in the number of projections. a higher overall level of prices has been confirmed, “they told LCG.