The BCRA Set a Minimum Rate for Time Deposits

Financial institutions must offer retail depositors a minimum interest rate for time deposits of up to 1 million pesos, which is to be equal to 70% of the monetary policy rate. The interest rate was set based on the current LELIQ rate (38%), resulting in an annual percentage rate of 26.6%.

Depositors may also make UVA+1 adjusted time deposits, at 90 days with early termination option. If so terminated, the interest rate will be that paid for 30-day deposits, a positive rate over inflation being ensured if deposits are held for the full term.

Buenos Aires, April 17, 2020.

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