Summary
• During the month of September, M3 and private M3 increased by 2.1%. The monthly increase was driven by term placements, which showed a significant acceleration in their growth rate. Private sector fixed terms accumulated an increase of 4.1% in the month, which was explained both by the impositions of the wholesale stratum (of $1 million and more; 4.4%) and by placements of less than $1 million (3.7%). In year-on-year terms, term placements reached a growth of close to 50%.
• Loans in pesos to the private sector grew 3.4% ($10,150 million). With this dynamic, credit once again constituted the main factor explaining the growth of monetary aggregates. During September, the main increases were observed in financing instrumented through documents and in personal loans. The year-on-year rate of change of loans in pesos to the private sector stood at 39.8%.
• The bank liquidity ratio of the segment in pesos (calculated as the sum of cash in banks, the current account of the entities in the Central Bank, net passes, and the holding of LEBAC and NOBAC, in terms of deposits in total pesos) decreased 0.3 p.p. compared to August, standing at 35.5%.
• The Central Bank ordered the readjustment of the Minimum Cash regulations. The new regulations meet the various objectives contained in the Organic Charter, namely, the orientation of credit through reserve requirements, the establishment of differential policies aimed at micro, small and medium-sized enterprises and regional economies, the promotion of the geographical coverage of the system and the attention to areas with less economic potential and lower population density.
• In September, the main interest rates paid by private financial institutions increased by 0.3 p.p.. Thus, the BADLAR rate – interest rate for deposits of $1 million and more with a term of 30-35 days – averaged 14.3%, while the interest rate paid by the same group of banks for their fixed-term deposits up to $100,000 and for a 35-day term averaged 12.3%.
• Interest rates applied to loans to the private sector showed dissimilar behaviors. Among the rates destined to finance commercial activities, monthly increases were observed, with the exception of the one applied to single-signature documents, which fell 0.6 p.p., standing at 17.9%. This line includes a large part of the loans corresponding to the “Credit Line for Productive Investment” and those granted within the framework of the Bicentennial Productive Financing Program. On the other hand, interest rates on discounted documents and current account advances increased 0.3 p.p. compared to the previous month, while those on personal and pledge loans remained relatively stable.
