The BCRA increased the minimum interest rate on time deposits to 79% of the monetary policy interest rate. Group A financial institutions—the major group in the financial system—must offer this interest rate as from June 1, 2020.
The Board of the BCRA raised, as announced through Communication A 7027, the return on time deposits from 70% to 79% of the LELIQ rate, with a 30.02% APR and a 34.52% EAR, regardless of the amount deposited or depositors’ business name.
The companies having obtained a subsidized credit line at 24% will not be eligible for the raised minimum interest rate.
New savings instrument for agricultural producers
Agricultural producers can make deposits with a yield tied to the price of grains and oilseeds. In addition, the BCRA set out that they can also make deposits with a return pegged to the US dollar exchange rate.
This measure enables anyone carrying out agricultural activities to make deposits for twice the amount of the whole grains and/or oilseeds they sold since November 1, 2019.
