Monthly report on the evolution of the monetary base, international reserves and foreign exchange market.
1-Synthesis
In August, the broad monetary aggregate private M3 registered, in nominal terms and without seasonality, an increase of 3.2%, the lowest in the last nine months, while, in real terms it remained practically at the same level as in July. Within it, the positive contribution of time deposits was offset by a negative contribution of demand deposits, while the contribution of working capital held by the public was almost neutral. In terms of GDP, monetary aggregates showed a change in trend starting in July, beginning to reverse the strong monetization process observed in the first half of the year.
The growth of time deposits was similar to that of the previous month, with monthly variations that continue to be among the highest since the exit from convertibility. In nominal terms, they completed an average monthly increase of 8%, equivalent to a real growth of 4.8%. The growth of the month was composed of both placements of more than $1 million and those of less than $1 million, the latter encouraged by the increase in the minimum interest rate arranged as of August.
The new minimum interest rate for fixed-term deposits in pesos of individuals for an amount of up to $1 million was set at 87% of the LELIQ rate since the beginning of the month, increasing to 33.06% n.a. (38.57% y.a.). In addition, the coefficient that determines the fixed prepayment rate of deposits with an early cancellation option in UVA was raised to 0.75, increasing the interest rate from a level of 26.6% to 28.5%. In this way, the BCRA continues to advance with its policy of protecting savings in pesos.
In nominal terms and without seasonality, loans in pesos to the private sector registered a monthly expansion of 4.1%. In real terms, the expansion was 1.0%, the same as that observed in July. The growth of the month was explained by the behavior of credit cards and financing instrumented through documents.
Among the lines promoted by the BCRA during the economic emergency, the line for MSMEs and Health Service Providers stands out. It accumulated, at the end of August, disbursements of $410,353 million, practically doubling the $220,000 million originally expected. Adding up all the lines that have emerged to alleviate the effects of the economic emergency, as of August they represent just over 40% of total commercial loans.
Complementing the measures already adopted to alleviate the financial burden on families, the BCRA provided that the unpaid balances corresponding to credit card financing whose maturities operate during the month of September will be automatically refinanced to a minimum term of 12 months, with a 3-month grace period in 9 equal and consecutive monthly installments. at a maximum interest rate of 40% nominal per annum.
