Credit cards: the Central Bank adds a restriction to consumption in dollars

The cards will apply the regulated rate to finance consumption that exceeds US $ 200, in accordance with the provisions this Thursday by the Central Bank of the Argentine Republic (BCRA).

In its statement, the Board of Directors of the monetary authority determined that “the rate regulated by law for credit cards issued by financial institutions when the account summary for the month records consumption for an amount in foreign currency greater than 200 dollars”.

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Financial institutions must notify credit card holders before applying this measure. The summary financing up to $200,000 per month will maintain the maximum rate set by the BCRA, of 62%, the statement said.

According to data from the Central Bank, the average of the entire financial system for personal loans is 66.58%, so a 25% above that level equals 83.23% although, being an average of all banks, there will be entities that charge more and others less, informed Télam.

Increase in interest rates for fixed terms and Leliq

This Thursday, the BCRA decided to increase the reference interest rate at 800 basis points at 60% per annum to adapt to market returns and in an attempt to slow down inflation.

In addition, it was established 61% annual floor on interest rates for fixed terms of 30 days up to 10 million pesos.

The reference rate ‘Leliq’ for the term of 28 days was set at 60% from a previous 52% per annum.

LM CP