The BCRA eliminated limits for renewing peso fixed term deposits tied to the dollar.
CE Noticias Financieras (Latin America)
The Central Bank of Argentina (BCRA) improved today the conditions for the constitution of the so-called Plazos Fijos Chacareros, by eliminating the limit amount for the renewal of these deposits in pesos with yield related to the U.S. dollar exchange rate. The Plazos Fijos Chacareros may be constituted by individuals and companies with agricultural activity and the condition that had been established at its launching -in June 2020– was that the maximum amount of placement was for up to twice the total value of agricultural sales recorded in 2019. The update arranged by the BCRA implies that, from now on, there will be no limit for the placement of this type of deposits. “The BCRA ruled that the renewal of those term investments existing to date is admitted for up to the amount to be collected at their maturities without taking into account that limit so as to maintain the incentive to sell the harvest,” the monetary authority informed in a statement. In addition, the BCRA’s Board of Directors decided to raise the amount for access to financing in pesos for agro-exporting companies, destined to the purchase for export, to $15,000 million when the controlling parties are residents in the country. This week, Banco Nación (BNA) resumed the option of investment in fixed term deposits for the agricultural sector tied to the variation of the dollar rate, an instrument with which it received deposits for $ 25,900 million in the last two years. The interest rate on the capital invested in these fixed-term deposits is calculated on the basis of the variation in the dollar rate from two business days prior to the date of imposition to two business days prior to maturity. In the event that the variation is negative, zero rate is applied, the BNA explained. The capital to be invested is in pesos and the placement term has a minimum of 60 days and a maximum of up to 370 days, for a minimum amount of Ps. 1,500 and a maximum amount of Ps. 500 million. (Télam)