August 6, 2019. Time deposits in pesos rose once again in July boosted by the new option of online deposits for non-clients, which amounted to ARS49.611 billion, up 4% against June.
The number of online transactions for non-clients expanded 13.4% in July, from 50,624 to 57,425. The amount traded also increased by 23.4% against June, and reached ARS12.903 billion against ARS10.460 billion.
The difference between the monetary policy rate and the interest rates paid to depositors went down once again in July by 3 p.p. for the third month in a row. Since the implementation of online time deposits for non-clients, the difference between the monetary policy rate and the interest rate paid to depositors has dropped by 13 p.p.
In April, the BCRA authorized online time deposits (Communication A6667) to offer more options to keep their savings in the financial system and to encourage competition. The BCRA publishes in its website a comparison table of interest rates that banks offer to help users choose the most convenient time deposits.