The Central Bank determined a rise of 200 points in the interest rate for the fixed terms of human persons that begin to be effective from this Friday. Rates rose from 46% to 48% per annum for 30-day deposits of up to $10 million, representing a monthly rate of 4% and an effective annual yield of 60.1%.

For its part, the rest of the private sector fixed-term deposits will have a guaranteed minimum rate of 46%, which represents an Annual Effective Rate of 57.1%, which also applies as of Friday.

This means that if today a person made a fixed term for 30 days of $100,000, at the end of the term he will receive $104,000: $100,000 that he deposited plus interest of $4,000. Consequently, if you decided at the end of that term to make a new fixed term for 30 days with the initial money plus the $4,000 earned in interest, you would obtain $108,160 at the end of the term, that is, the $104,000 deposited at the beginning of the month plus a interest of $4,160.

In case there are no changes in the interest rate during the next year, if before each expiration the person were to make a new fixed term for 30 days with the initial capital and the interest earned, in 12 months he would have $160,100. That is, the $100,000 initially deposited plus interest of $60,100.