The Board of the BCRA has decided today to raise the monetary policy rate by 1000 basis points. This way, the APR on 28-day liquidity bills (LELIQs) has risen to 91% (141% EAR).
Simultaneously, in order to boost savings in pesos, the BCRA has raised the minimum interest rate on natural persons’ time deposits and tripled the deposit amount up to which this rate applies. The new floor for 30-day time deposits up to ARS30 million is 91% APR (140.5% EAR). For all other private sector time deposits, the minimum annual rate is 85.5% (128.5% EAR).
This measure has been set to obtain positive real returns on investments in domestic currency, and to preserve monetary and financial stability.
The BCRA will keep on monitoring the development of the general level of prices, the financial and forex market dynamics, and the monetary aggregates to calibrate the interest rate policy.
April 27, 2023