The Central Bank (BCRA) endorsed the request made by the International Monetary Fund (IMF) and for the second time this year raised the Leliq rate and, therefore, the of fixed terms.
Last month it had raised it from 38 to 39% and today it did so at 41.5% annual nominal ratewhile the annual effective rate, reinvesting the interest every month, it yields a profit of 50.4% with a fixed term of 30 days, as they are 95% of the total.
negative rate
In any case, it still does not reach a positive rate, since the inflation expected by the survey of market expectations (REM) carried out by the BCRA itself among the main banks and private consultants gives an average of 55% for this 2022, although those who best forecast this variable for the short term (TOP-10) expect an average inflation rate of 57.9 percent.
Last month it had raised it from 38 to 39% and today it did so at 41.5% nominal annual rate, while the effective annual rate, reinvesting interest every month, shows a profit of 50.4% with a term fixed at 30 days, as they are 95% of the total.
Raising the rate implies, on the one hand, a wink at the request of the IMF, but on the other, an increase in the interest that the Central must pay for the Leliq, which will become more expensive 100,000 million this year due to the 2.5% extra rate rise.
more expensive loans
On the other hand, it implies an increase in the cost of personal credits of up to 5 points. Personal loans started the year with a nominal annual rate of 52.5% on average, according to the BCRA survey, which has now increased to a record 58%, a figure so high that it has not been seen since March 2020, just before the pandemic.
Now, with a new rise in the cost of funding, banks they will have to increase the credit rate again by five points for commercial loans.
Personal will get more expensive
According to what happened in the last rate hikes, personal loans are the most likely to rise. It was roughly twice as much as Badlar rates rose, so one would assume a similar move.
Although in the previous rate hike, the financing with credit card went from 43% to 49%, now it will be at the same levelsjust like Now 12, subsidized rates for productive investment and working capital.
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