Summary
• The broader monetary aggregate in pesos, M3, increased 0.9% in March and its year-on-year growth continued to moderate, reaching 34.4%, 0.6 p.p. below that of February. For its part, private M3 showed a monthly increase of 1%, with increases in means of payment and, mainly, in fixed-term placements. On the side of the growth factors of private M3, the most important continued to be the increase in loans in pesos to the private sector.
• Fixed-term deposits in pesos in the private sector registered a monthly growth of 2.9%, one of the highest in recent years for March. By stratum of amount, increases were seen both in the segment of $1 million and more (3.2%) and in the bracket of less than $1 million (2.5%). With a year-on-year variation of 45.6%, fixed-term placements continued to grow at historically high rates.
• Loans in pesos to the private sector grew 1.7% ($6,120 million). Although increases were observed in all lines, the largest increase was recorded in personal loans. For its part, the year-on-year rate of change of loans in pesos to the private sector remained around 42%, highlighting the growth of documents with a rate close to 60%.
• In March, ample liquidity (measured from the quotient between the sum of cash in banks, the current account of the entities in the Central Bank, the net passes with such entity and the holding of LEBAC and NOBAC, and deposits in pesos) stood at 33.9%, a level similar to that observed in February. There was a change in its composition, with an increase in the current accounts at the Central Bank and in the balance of LEBAC and NOBAC, to the detriment of net passes for this Institution. In the month, the schedule for adapting the Minimum Cash regime to the current Organic Charter was completed, estimating a surplus in the integration equivalent to 0.2% of total deposits in pesos.
• Passive interest rates remained relatively stable. The BADLAR rate of private banks averaged 14.8% in February and, in the retail segment, the interest rate paid by private banks for their fixed-term deposits (up to $100,000 and up to 35 days) averaged 13.1%.
• Interest rates on most private sector lending lines fell again. The reduction in the interest rate on personal loans was highlighted, averaging 33.9%, 0.6 p.p. below February. Among the commercial lines, the reductions were of a smaller magnitude. In particular, in the case of financing instrumented through documents, the decrease was favored by the increase in the participation of credit lines for productive investment and those associated with the Bicentennial Productive Financing Program.
