Not so bad: it refuses in loans, but due to inflation there are more fixed terms in UVA`s

In the last 3 years they became a bad word for those looking for a loan, especially a mortgage. In fact, in the face of the damage caused by inflation, the system seeks to give the UVA (Unit of Purchasing Value) an outlet through the back door. But this reality has its reverse side in deposits: faced with the constant loss of purchasing power, more and more savers resort to a fixed term with this adjustment mechanism to protect themselves.

According to the latest BCRA report, the private sector’s balance of deposits in pesos fell 0.8% in real terms in February (in nominal terms it grew 2.7%), mainly due to the performance of demand accounts. But at the same time, FP in pesos rose 2.3% mainly thanks to the segment in UVA, which contributed to the fact that the set of private sector deposits (demand and time accounts) improved by 19.3% year-on-year.

One more piece of information to confirm this reality: regardless of the numbers of each bank, for the system almost half of the total funding corresponds to deposits. And inside that cake, a 22.6% corresponds to fixed terms, which represents almost 3 points more than in 2020.

In particular, deposits denominated in UVA maintain growth at high rates, mostly concentrated in short terms: during the first months of the year pre-cancelable (30 days) expanded 36.9% real, while between traditional (90 days) the increase was 20.4%.

Migration

The pure and simple reality shows a sustained demand and also particular movements. It has a lot to do with the fact that the UVA rose significantly: from 71.84 (its price at the end of March) to 74.87 as of April 30, at a rate of about $ 0.10 per day and with just two or three stable days at the beginning. of the month that just ended.

“The portfolio rose both in pesos, where rates are very favorable, and in UVAs, which has increased, and even a percentage has migrated to that modality. It is not an exponential growth, but above what was being handled “, he assures Javier Peralta, zonal manager of Banco Nacin.

According to estimates from the bank, the portfolio of deposits in UVAs in Mendoza is already 30% higher than last year.

Thus, it constituted a classic PF, from $ 20 thousand to 35 days, through homebanking it can report about $ 700, that is, slightly more than 3% in that period. While if it is done in UVAs (over 90 days and up to 370), it promises the unit value updated for inflation (to the expiration) plus 1%, which is the extra fee paid by the bank, and in some it reaches two points.

A short term umbrella

There is no great enthusiasm in the banks either, since the fund-raising also implies the commitment to turn a good portion to loans. There are even some who recall certain skepticism generated around the UVA “phenomenon” already in 2018, considering it a double-edged sword if certain financial stability was not achieved.

“At the time we already warned that they implied a high risk and that is why we discouraged them. However, deposits continue to grow, included in UVAs, which with a minimum of 90 days speaks of short-termism”, he remarks. Juan Carlos Rivera placeholder image, regional manager of the Credicoop bank, where deposits with a ceiling of $ 10 million are taken after a March in which the balances of the system climbed 24.09%.

For his part, Peralta considers that beyond the attractiveness as an investment and the concern to protect the savings from inflation, “The lack of access to investment in dollars also influences. But this is day by day. “

It is, without a doubt, one of the options installed within the menu for the small investor. In fact, for the BCRA, it is among the 3 described modalities, together with the conventional PF (30 days minimum), in its two formats: the one that allows early cancellation after 30 days and the traditional UVA, with 90 days of term. minimal. And, in general, access to a differential rate applies if it is constituted through electronic channels (homebanking), without a limit on amounts, or the collection of commissions or surcharges.

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