public and private banks in Argentina will be in the coming days with an aggressive advertising campaign to attract deposits in pesos, "the best market rate", After consultation with the Government for improving returns to fixed conditions.
It was a tough fight in two weeks. On the one hand, Chairman of the Central Bank, Guido SandlerisOn the other hand, heads of the three main chambers ADEBA (NHRIs) ABA (International) and Abappra (public).
The dispute arose because the banks are earning 60% more than those depositors who put their weight for a certain period of thirty to sixty days in the financial system, to try to compensate for inflation, though unsuccessfully.
Representatives of the three banks in the privately held said on Friday the newspaper that were full armor of marketing strategies for advertising in the media and social networks, the new rateswhich may increase from 5 to 10 percentage point to between 45% and 50% per annum.
This agreement has been allocated, with the support Sandleris Finance Minister Nicolas Dujovne. The main objective is that the Bank is working with dry square peso depositors do not go to the dollar, with the idea of creating stability in the electoral process.
And it was in the frame of internecine tensions in the office: officials as Dante Sica and Luis Miguel Etchevehere They consider it "suicide" because with a frequency of 45% or 50%, you want to invest or not to consume more than you needAnd it will take longer decay time.
In exchange for raising rates for savers, the banks were able to provide up to 100% of its assets, and up to 100% of the average monthly balances of deposits in pesos this month liquidity textWhich currently pay 68.15% per annum.
Before the issue of stability, strength and liquidity of banks of the financial system they might Leliq to 65% of deposits in the previous month. But the government has a great urgency: to reduce inflation and to avoid -for all media to increase the dollar.
As reported by the Central Bank, the average rate in the financial system to 30 days for a fixed period of time is 40.3%, i.e., 27.85 percentage points lower than the nominal capacity Leliq.
analysis consultant Econviews points out that if the figure was 65% Leliq, passive equilibrium rate for a fixed period can be up to 52% without loss of banks fixed, In addition, in order to "fit in" cash in the Central Bank and to allocate resources to Leliqs.
Miguel Zelenko, an economist at the consulting firmHe explained, however, that "an important part" of the difference is due to the rate that banks must "fit" of the deposits at the central bank, so they do not get paid.
now Leliq speed is on the same level, 5 November, when Badlar (Payable individuals on deposits in the range of from 30 to 35 days, more than one million peso) was 50.93%. The difference in time was 15.72 percentage points. Today distance 22.84 percentage points in favor of banks.
for CLauda ~ d Vine, an economist and director of politichnostor, The annual real rate that banks receive from Leliqs today is not 68.15%, but 90%Since the benefits from performance after 7 days the person turned and put back into the letters on the wheel that will not stop.
Today there are in the money established tradition dates for 1.46 trillion pesos and other 44,262,000 pesos in time deposits adjusted for the inflation rate. The government fears that investors can get out of these positions en masse to go to the dollar.