Although the Central Bank lowered the benchmark rate, credit became more expensive


Data from the Monthly Monetary Report of the Central Bank of November showed that, on average, "The interest rate resulting from Leliq's bids maintained a decreasing trend and at the end of the period was 60.75% per year, 7.3 percentage points lower than at the end of October", states the entity.

On the other hand, the interest rates paid for time deposits in pesos presented higher average values ​​by 0.7 percentage points for the most current time deposits, from 33 to 44 days; and 1 point for amounts greater than one million pesos, one month in installments.

The explanation for this behavior against the general trend is the worsening fall in the demand for cars in the monthand in particular the savings plans, which are offered at zero rate in some direct operations of the factory these days.

Gaps between passive and active and market segments

One of the consequences of the increase in interest rates in a recessive economy was that the total amount of loans in pesos to the private sector decreased by 4.6% in relation to the previous month, with a decrease in all lines of financing.

According to a Central Bank survey, the highest average market rate corresponded to the current account cost (overdraft) of 75.21% per year; followed by staff 64.47%; above Leliq who paid 64.06%; and the discount of 63.05% of annual documents.

At the other extreme were the credit lines of 28.51%; and mortgages 44.93% per annum, below the rates that financial institutions paid to customers for fixed-term loans.


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