The Central Bank of the Argentine Republic (BCRA) informs that, as of today, it opens for public consultation the regulatory project for the creation of the Moratorium Interest Rate (TIM). The publication of the TIM aims to provide a new tool that allows the courts to determine default interest within the framework of the provisions of subsection c) of article 768 of the Civil and Commercial Code of the Nation.
The bill proposes to calculate the TIM based on the average between a passive interest rate (a 30-day fixed-term interest rate in pesos) and an active interest rate (weighted average of the rates of loans in pesos granted through single-signature documents and personal loans). The average daily interest rate used as the basis for calculating the TIM fluctuates within two bands designed to preserve the value of the debts and their reasonableness. The daily effective interest rate may not exceed the daily variation of the Reference Stabilization Coefficient (CER) plus 3% effective per annum and may not be lower than the daily variation of the CER minus 3% effective per annum.
In the public consultation section of the BCRA’s institutional website, interested parties will be able to access the draft resolution, which includes a methodological annex, and the historical series of the TIM in Excel format and may also use the TIM Calculator to estimate, based on an initial amount and a given period, the interest and the total amount resulting from applying the TIM.
Those who wish to participate in the public consultation can send their proposals by email to box consultapublica@bcra.gob.ar. To ensure its proper reception and treatment, the message must indicate the title of the regulatory project in the subject, detail the observations and proposals as precisely as possible, and indicate name, surname and ID number at the bottom of the message.
The project will be available for consultation until December 19. The suggestions received will not be binding, but will be duly considered during the review stage.
For more information on the calculation methodology and access to the statistical series, please consult the BCRA’s institutional website.
