Summary
For the eighth consecutive month, the BCRA met its Monetary Base (WB) target. The WB’s monthly average reached $1,342.6 billion in May, which implied an over-compliance of $0.6 billion, compared to the goal of $1343.2 billion.
To encourage the transfer of movements from the BCRA’s reference rate to the yields received by depositors, as of May the BCRA enabled the possibility for financial institutions to take deposits from customers without a prior contractual relationship. The implementation of web fixed terms for non-customers was complemented by the publication of a comparative table of the rates paid by the different financial institutions, both to their customers and to those who are not.
The implementation of these placements was carried out through immediate debits (DEBIN). The number of operations carried out with DEBIN went from 592 in April to 37,927 in May, while the amounts involved grew from $6.6 million accumulated in April to more than $6,950 million in May.
In this context, the balance of time deposits in pesos in the private sector went from showing stability in April to registering a clear upward trend in the course of May. The level of May 31 was 4% ($46,700 million) higher than at the end of April and, in particular, the segment of deposits of less than $1 million increased to 5.3%.
In nominal terms and adjusted for seasonality, loans in pesos to the private sector grew 0.9% in May, driven mainly by credit card financing and those granted through advances.
