Time deposits in pesos rose once again in July boosted by the new option of online deposits for non-customers. The stock of the increase amounted to ARS49.611 billion, up 4% against June.
The number of online transactions for non-customers 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 ARS10.46 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-customers, 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 these online time deposits (Communication A 6667) to offer more options to keep the 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 consumers choose the most convenient time deposits.
