Since the beginning of Javier Milei’s mandate, the monetary policy rate was cut several times, affecting the yields of fixed terms. However, in recent weeks, Some banks have begun to increase these rates, breaking the downward trend.
The Central Bank of the Argentine Republic (BCRA), under the direction of Santiago Bausili, reduced the monetary policy rate six times since the beginning of the Milei government, placing it at 40% TNA. This led to fixed-term rates in private entities falling approximately 10 points below this reference. Recently, banks such as BBVA, Banco Macro and Banco Hipotecario have begun to adjust their rates upwards.
Analysts indicate that the reference for this adjustment is the rate of Capitalization Letters (Lecaps), which currently offer attractive returns. The BCRA is reducing its monetary liabilities and expects banks to use the Lecaps rate to determine the returns on fixed terms.
Current Rates for 30 Day Fixed Terms
- BBVA: 36.5% TNA
- UALÁ (UILO): 35% TNA
- Mortgage: 34% TNA
- VOII: 34% TNA
- BICA: 34% TNA
- Comafi: 33% TNA
- Meridian: 33% TNA
- CMF: 33% TNA
- Macro: 32% TNA
- BIBank: 32% TNA
- Regional Credit Financial Company: 32% TNA
- Credicoop: 31% TNA
- ICBC: 31% TNA
- Banco Ciudad: 31% TNA
- Banco del Sol: 31% TNA
- Banco del Chubut: 31% TNA
- Bancor: 30% TNA
- Banco Nación: 30% TNA
- Brubank: 30% TNA
- Galicia: 30% TNA
- Provincial Bank: 30% TNA
- HSBC: 30% TNA
- Supervielle: 30% TNA
- Banco Julio: 30% TNA
- Santander: 28% TNA
- Current Bank: 28% TNA
- Dino Bank: 28% TNA
- Banco Masventas: 27% TNA
Demand for Lecaps has increased, as they offer the best rates on the market for conservative profiles. This has led several Management Companies to launch Common Investment Funds composed of Lecaps.
The adjustment in fixed term rates by banks indicates a possible change in trend in the financial marketinfluenced by the BCRA policy and the demand for more profitable financial instruments than the traditional fixed term.
