It is available from February and offers, as a minimum, an interest rate that will be adjusted according to the UVA + 1% formula for placements in pesos at 90 days
The Central Bank disseminated the options that savers have to subscribe to fixed terms in pesos, indexed according to the UVA inflation coefficient, as a mechanism to protect deposits from rising prices.
“Lsavers have deposits available with an early cancellation option in UVA, an attractive alternative to a financial instrument that aims to provide a savings option in local currency, adjustable to the evolution of prices and that banks must offer on a mandatory basis“the entity expressed today, through a statement.
The Central recalled that “this tool has been available since February and offers, as a minimum, an interest rate that will be adjusted according to the UVA + 1% formula for placements in pesos at 90 days.”
At the same time, and when banks operate with restrictions imposed by quarantine, the entity specified that banks in the financial system are required to offer this option through face-to-face and electronic channels.
The product has the option of cancellation after 30 days, with a yield higher than the traditional fixed-term rate.
The UVA (Purchasing Value Units) variable is updated by the Reference Stabilization Coefficient (CER) that replicates retail inflation.
Regarding the interest rate, each bank can offer a rate higher than the minimum established (UVA + 1%) to make it competitive.
“The interest rate for early departure is fixed at the time of contracting the fixed term. This rate is published on the BCRA website in the Main Variables section and is equivalent to 70% of the LELIQ rate,” said the monetary control entity.
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