The Central Bank decided on Thursday another cut in reference rates, going from 80% to 70%. Some banks continue to sharply adjust downwards the yield they give for a fixed term in pesos.
At least 8 entities that appear in the Central Bank's rate comparator already offer a TNA of 60% or less for freezing deposits. It is expected that in the coming days the fixed term rates will be adjusted even further to about 10 points below the reference rate set by the central bank. The yield on these 30-day deposits in peso is between 5.83% and 5%, half of what is estimated to have been the March price index (Indec will release the data this Friday) The range is large, while some entities still maintain a nominal annual rate of 70%, others already offer 65, 60 and even less. The Central Bank says the reduction in rates does not affect the fixed terms already agreed, but rather is for the new ones. The new rates range from 71% to 57% (TNA)