translated from Spanish: Fixed terms offer below-inflation yields

Fixed terms offered by banks are maintained at negative real rates. Given that the inflation expected by private consultants is at levels of 41%, banks with the highest deposit volume offer a rate of 32% on average. Over the past six months, the return paid by banks for 30-day online subscription fixed terms accrues a 30 percentage point drop.

According to the daily survey of the Central Bank (BCRA), the City, French and Nation banks offer the best rate in the segment, 34%. At the other end is Banco Macro, an entity that offers a remuneration of 29.5%. These fees are those granted for the online fixed terms for non-customers, at 30 days for $100,000, one of the instruments with the best performance offer. According to the Market Expectation survey (REM) prepared by the BCRA based on projections made by private consultants, inflation for this year would be 41.7%. To try to keep savers within the system, the Central Bank launched fixed deadlines adjusted by pre-denomiable UVA. This is a new modality that seeks to give positive returns against inflation, with a three-month horizon and the possibility of leaving from the month. As of today, UVA fixed terms represent only 2.7% of the total. Commercial banks offer an interest rate of 1% above inflation, with the possibility of underwriting longer terms in exchange for higher yields on the rate of price increases. In this note:

Original source in Spanish

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