Summary
• The broader monetary aggregate in pesos (M3) registered a growth of 1.8% in September, maintaining its year-on-year variation stable at around 35%. All its components showed increases.
• The increase in M3 was led by fixed-term deposits in the private sector, which grew 2.8% and reached a year-on-year variation of 46.2%. Placements of more than $1 million registered the largest monthly increase in the last four months, while deposits of less than $1 million maintained a firm upward march, favored by the minimum interest rate scheme established by the BCRA. In the last 2 months, retail fixed terms increased by $15,600 million and reached a year-on-year increase of 53.7%.
• Loans in pesos to the private sector accelerated their growth rate, exhibiting an increase of 3.1% ($20,000 million), which was higher than that of August and the same month last year. Thus, its year-on-year growth was in the order of 32%. The lines that contributed the most to the monthly increase were financing granted through documents, personal loans and credit card financing.
• In the aforementioned context of greater dynamism of loans, the liquidity ratio of financial institutions in the segment in pesos fell 0.8 p.p. compared to August, although it remained at high levels: 38% in terms of deposits in pesos. The reduction was manifested in a decrease in excess liquidity, particularly associated with the lower holding of LEBACs.
• Passive interest rates remained at levels similar to those of August. Among those in the retail segment, the monthly average interest rate paid by private entities for fixed-term deposits of up to $100,000 and up to 35 days of term stood at 23.5%, in line with the minimum values established by the BCRA. For its part, the BADLAR of private banks averaged 21.2%.
• Interest rates on loans to the private sector showed mixed movements. Among commercial lines, the monthly average interest rate on advances stood at 30.3%, showing a decrease of 0.2 p.p. compared to the previous month. In the case of single-signature documents, the interest rate averaged 25.3%, exhibiting a monthly decrease of 0.9 p.p. On the other hand, the interest rate on discounted documents averaged 23.3%, increasing 0.2 p.p. in the month.
