The national government’s announcement of the end of the “negative real rate” as tools to reduce monetary emissionia has a direct impact on the interest paid for a fixed term. The measure was revealed by the Central Bank two days ago, as one of the key changes in official policy.
He The Government had defended its “negative real rate” policy as tools to reduce monetary issuance.that it had to assume for the payment of remunerated liabilities.
The negative rate had caused fixed-term investments to obtain a return below inflationwhich generated a migration of these placements largely towards the blue dollar, adding pressure on its price.
A Positive real interest rate will generate returns above inflation, leaving a concrete profit on bank placements.
Since a month ago The Government demands that the banks stop taking the BCRA’s monetary policy rate as a reference (40%) which resulted in a rate for fixed terms of between 2.5% and 3% per month.
With the announcement made by the Ministry of Finance, the message was strengthened and It is expected that in the coming days banking institutions will adapt to the new scenario and improve their offers to savers.
The negative real rate, questioned by the IMF
The continuity of the negative real interest rate was always questioned by the International Monetary Fund (IMF), who considered this process inadequate because it encouraged the departure of pesos from the banks.
The change occurs at a few hours before the IMF Board meets to approve the eighth review and release US$800 million.
