Due to the rise in minimum interest rates that the banks and the exchange stocks containing a good part of the demand for dollars, the stock of Fixed deadlines of savers this week exceeded 2 billion pesos.
The amount of deposits in local currency accelerated in the last two months after the Central Bank forced financial entities to establish an interest floor at fixed terms, which was first of 26.6% annually and currently, of 33%.
According to official information from the BCRA released this Thursday, the fixed terms arrived on Monday at 2,037,690 million pesos. Deposits in pesos indexed to inflation (UVA) add other $ 35,000 million to the account.
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Measured year-on-year, the amount of deposits in pesos of savers rose 58%, about 15 percentage points above annual inflation for the same period.
The sustained growth of fixed terms began in mid-April, when the BCRA determined that banks had to pay depositors a minimum rate in proportion to the monetary policy rate of the Liquidity Bills (Leliq), which is from 38% annually.
The last increase in interest was applied at the beginning of this month, when it was established that the Annual Nominal Rate (TNA) that banks pay for deposits of up to $ 1 million is equivalent to 87% of the Leliq, which implied a profitability of 33% for this deposits and an improvement of 3 percentage points compared to the one that ruled until then.
This was the third rise for fixed-term deposits determined by the BCRA so far in the quarantine, after setting a TNA del 26,6% (70% performance of Leliq) and a further increase in June until the 30% (79% de las Leliq) for both small and large savers.
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