It should be remembered that since Monday, financial institutions, in this regard, must offer a minimum annual nominal rate of 26.6% in all fixed-term placements as provided by the Central Bank, as a measure to curb the flight to the dollar.
In the same communication, the BCRA established that companies that maintain a stockpile of their wheat or soybean production for more than 5% of their annual harvesting capacity will not be able to access financing for working capital at an interest rate annual maximum of 24%.
The measures aim to prevent savers, companies and producers from acquiring foreign exchange as a form of refuge from the current economic uncertainty accentuated by the coronavirus pandemic.
According to official information, the fixed terms will have from this Monday a minimum guaranteed rate of 70% of the Monetary Policy Rate, equivalent to 26.6% nominal annual or 30.1% effective annual.
Financial institutions may also offer Variable Interest Deposits (DIVA), linked to the price of cereals and oilseeds, to agricultural producers for an amount up to twice the total value of sales of cereals and / or oilseeds registered as of 1 November 2019.
Simultaneously, the market is on a path of optimism regarding the negotiations that are taking place on the issue of debt restructuring.
In this sense, the Economy Minister, Martín Guzmán, admitted that there is a “high probability that the debt negotiation period will be extended”, which expires this Friday.
Guzmán said the government is “working to reach an agreement” with the large investment funds, which have so far rejected the original proposal and presented three counteroffers.
The official said that it is “in a process in which both parties are working to reach an agreement.”