As under Communication A7018 , the BCRA adopted a number of resolutions. Starting tomorrow, time deposits return will be raised, at a minimum, to 70% of the monetary policy rate (i.e. 26.6% APR, and 30.1% EAR).
This minimum return rate only assured for deposits of up to ARS 4 million (retail depositors) has been extended to all time deposits that individuals or legal persons may make as from May 18, 2020. Financial institutions may also offer agricultural producers variable interest rates for deposits (known as DIVA) of up to twice the total sale of grains and/or oilseeds recorded as from November 1, 2019. The return will be tied to the price of grains and oilseeds. This measure seeks to ensure the value of exports.
Finally, companies stockpiling wheat and/or soybean in excess of 5% of their annual harvest capacity may not access financing for working capital at a maximum annual rate of 24%.
Buenos Aires, May 17, 2020.