The new provisions were defined this afternoon after the Board meeting and will be made official in the next few hours.
The overheating of the different dollar quotes, especially those corresponding to the “parallels”, caused a new reaction from the Government.
The Central Bank (BCRA) decided this Thursday to rehabilitate the deposit of checks over the counter in banks and raise the interest rate for fixed terms in deposits over $ 4 million up to 26.6% (TNA), which is equivalent to an effective monthly rate of 2.22%, sources from the monetary authority reported.
They will also join an incentive for banks to capture DIVA (Variable Interest Deposit) deposits that are linked to the price of cereals and oilseeds such as soybeans.
The new provisions were defined this afternoon after the Board meeting in order to guarantee the positive profitability of deposits in pesos in the financial system in the midst of the strong demand to dollarize portfolios.
The BCRA relaunches measures to try to curb dollarization.
As explained by the BCRA, these are decisions that “seek to guarantee the profitability of deposits in pesos in the financial system, both for companies and for individuals and for agricultural producers who liquidate the harvest.”
The measure on fixed terms implies a sharp rise in the interest rate paid to deposits of more than $ 4 million -currently around 18% to 20% – and which will now be 26.6% Annual Nominal Rate (TNA), equivalent to 70% of the monetary policy rate implemented through the Leliq (38%)
Until now, this rate applied only to human deposits of up to $ 4 million and will allow all time deposits to have an effective monthly rate of 2.22%, higher than inflation in April and with an Annual Effective Rate (TEA) ) of 30.10%.
Attract farm resources
On the other hand, the incentive to capture DIVA deposits seeks to offer conditions to banks to promote this mechanism of capitalization of the money obtained from the liquidation of crops and to accompany the evolution of the price of exported raw materials.
“It is to attract producers who have liquidated the harvest since November and who will be able to make these placements. These deposits accompany the evolution of the soybean price and, thus, maintain profitability in pesos, “they explained from the BCRA.
BCRA Decision: Banks will again accept over the counter checks.
Finally, it was also enabled that from next week checks can be deposited at the window, in order to facilitate the management of individuals and companies that must deposit significant amounts.
“The operation will be through shifts, like all the attentions in the banks, but what cannot be done at the moment is to collect the check, only deposit it,” the sources reported.
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