Monthly report on the evolution of the monetary base, international reserves and foreign exchange market.
Summary
In June, the seasonally adjusted private M3 broad monetary aggregate showed an average monthly increase of 6.1% in nominal terms, equivalent to real growth of 4%. Thus,
it continued to moderate its pace of expansion, after the strong growth observed in April.
Among its components, time deposits stood out. The measures adopted by the BCRA, establishing minimum interest rates, resulted in a sustained growth in time deposits,
which was more marked since mid-May, when the minimum remuneration also began to apply to legal entities. Thus, time deposits completed an average monthly nominal
increase of 11.9% (9.7% in real terms), one of the highest in recent years.
The BCRA decided to raise, as of June, the floor of the interest rate that financial institutions must pay for time deposits in pesos of the private sector, from 70% to 79% of the monetary policy
rate, seeking to guarantee households and companies a positive return in real terms.
Thus, the minimum interest rate stood at 30.02% n.a., equivalent to 34.52% n.a.
Loans in pesos to the private sector, although they moderated their growth rate compared to that observed in April and May, continued to expand at a historically high pace. In nominal
terms and without seasonality, the expansion recorded in June was 4% monthly (1.9% at constant prices). Commercial
financing continued to be the main factor explaining the growth in loans, followed by credit card financing, which received the boost from loans granted at zero rate to single-payers and the self-employed.
The BCRA continued to adopt measures to favor credit to MSMEs. Thus, it extended the deduction of the minimum cash requirement for those entities that grant financing at the subsidized rate
of 24% to non-MSME companies to the extent that those funds are used for the acquisition of
machines and equipment produced by local MSMEs. For its part, the main line, to MSMEs and Service Providers, accumulated, at the end of June, disbursements of $282,909 million, of which $7,000
million corresponded to health service providers. In turn, the amount granted through the
MSME Plus line, aimed at small and medium-sized enterprises without bank financing, was around $930 million.
As for zero-rate credits, intended for single-payers and self-employed, in June 413,548 loans were granted
for a total amount of $49,923 million. Because this line foresees that the accreditation of the funds will be made in three consecutive months, $27,145 million pesos were only credited. For its part, 131,515 new cards were issued for the accreditation of these funds, since the
regulation contemplates the issuance of a new card in case the customer does not have one with the entity.
It should be noted that the date for the application of these credits was extended until July 31.
