He central bank raised the interest rate of the fixed term by 600 basic points, up to 97% this Monday, in a measure designed to counteract the effects of inflation and prevent the public from tending to dollarize. In less than twenty days the rate rose for the second time and with the new increase the traditional fixed terms will pay 8.08% per month on deposits maturing in 30 days.
In this way, if a saver establishes a fixed term of $100,000 at 30 days with accreditation at maturity, he will receive $8,080 of interest and after that period he will have 108,080 pesos. If at the end of that period, he opts for a new fixed term for 30 days with the $108,080 previously obtained, at the end of the term he will receive $116,806.40.
On the other hand, if the placement of $100,000 is made for 60 days, at the end of the period the saver would obtain $116,160 in interest. It is noteworthy that the monthly average is also below April’s inflation, which was 8.4%.
The interest rate for fixed terms had already been increased on April 27, raising it to 91 percent. Two weeks later, with the spread of record inflation in April, the rate was adjusted again by six points.