The Board of Directors of the Central Bank of the Argentine Republic launched, through Communication A6871, a new financial instrument that aims to provide an attractive alternative for savings in local currency, adjustable to the evolution of prices, at a positive real rate with an option for early cancellation.
This new tool will offer an interest rate that may not be less than UVA + 1% nominal annual rate for 90-day placements in pesos. The novelty of the product is that it will have the option of pre-cancellation from 30 days, with a yield similar to the traditional fixed-term rate.
The early exit interest rate will be fixed at the time of contracting the fixed term. This rate will be published daily on the BCRA website in the Main Variables section.
This new Fixed Term will be a product that all banks must offer both through face-to-face and electronic channels, as of February 1, 2020.
