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Fixed term: banks lowered rates again, how much do the top 10 pay? - Infobae
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Plazo fijo: los bancos volvieron a bajar las tasas, ¿cuánto pagan los 10 principales?
Desde que el Banco Central liberó el rendimiento que pueden ofrecer las entidades financieras, la tasa no para de bajar a ritmo lento pero firme
www.infobae.com
March 26, 2024
Since the Central Bank released the yield that financial entities can offer, the rate has not stopped falling at a slow but firm pace.
Retail rates stabilize around 70% nominal annual in the main banks (Getty Images)
In the midst of record inflation data for the last 30 years, the low rate policy promoted by the Government with the aim of liquefying surplus pesos makes savers have serious difficulties in finding investment or savings vehicles that take care of the real value of their holdings. In this context, the recent liberalization of the rates paid by banks on retail fixed- term deposits allowed significant cuts in the yields they offer. And, in recent weeks, the losses were greater.
A quick survey by this medium of the rates offered by the 10 largest banks in the country in terms of assets showed an average decline of 4 percentage points in the annual nominal rate for 30-day deposits . This cut took place in the 15 days that passed since the Central Bank (BCRA) eliminated the floor that it imposed on entities for this type of placements.
If on March 12, the first day of free rates, the yields of retail fixed terms fell up to 40 percentage points, in the two weeks that followed they fell another 4 percentage points more on average, and up to 10 points in the cases more extreme.
Infobae developed a simulator to estimate the new performance. It allows each user to enter the amount they wish to invest and, in addition, the rate offered by their bank.
Now, among the 10 main Argentine banks, the average rate is practically balanced at 70% annual nominal, that is, an effective monthly yield of 5.75% which translates, to give an example, into a fixed term of $100,000 after 30 days of placement, results in $105,753.42 of capital plus interest.
This is the rate paid by each of those ten banks. Practically all of them pay 70% annual nominal, according to:
Interest rates
Since taking office last December, Economy Minister Luis Caputo has insisted on maintaining negative interest rates in real terms, that is, they offer a return that is not enough to compensate for the loss in the purchasing power of money due to the inflation.}In December, the BCRA cut the rates on 30-day fixed-term deposits from 133% to 110% annual nominal. And earlier this month, it lowered the reference rate and eliminated the rate floor it imposed on banks for their deposits.
The strategy, just one of the tools of a broader approach, seeks to prevent the BCRA's remunerated liabilities (the famous Leliq, first, and after the dismantling of the stock of these papers, the passive repos) from generating endogenous issuance of money by paying returns that make the monetary mass grow at a rate greater than inflation, among other objectives.
As the yield on fixed-term deposits depends largely on what the BCRA's monetary liabilities pay to banking entities, the yield on fixed-term deposits plummeted.
However, the initial macroeconomic scheme of the Caputo administration did not fail to generate paradoxical situations. Despite losing by far against inflation, fixed terms in pesos ended up being an interesting strategy measured in dollars. As the free dollar and the financial quotes of the currency lost in dollars, savers who stayed in fixed terms managed to record monthly profits of around 30% per month .
A carry trade that was not without risks but that yielded very juicy results: selling USD 1,000 dollars, placing a fixed term with the pesos and waiting 30 days to then repurchase currencies implied in the recent past closing the investment with USD 1,300 in the pocket .
