The entity informed in a statement that the Central Bank of Argentina (BCRA) announced today, Thursday, a new 300-point increase in the monetary policy rate from 78 percent to 81 percent.
The increase announced by the BCRA’s Board of Directors came after the 7.7 percent inflation data release for last March, the highest monthly price increase recorded during President Alberto Fernández.
In the first quarter, inflation in Argentina accumulated 104.3 percent year-on-year, according to official data.
The monetary authority specified that it “will continue to monitor the evolution of the general price level, the dynamics of the exchange market and the monetary aggregates to calibrate its rate policy”.
Likewise, the Board of Directors of the Central Bank resolved to raise the minimum interest rate limits on fixed-term deposits (savings mechanisms) to 81 percent for individuals.
For the rest of the sectors, including companies, the lowest yields on fixed-term deposits will be 72.5 percent nominal annually.
“This decision contributes to maintaining consistency with the level of short-term interest rates on National Treasury debt instruments,” the BCRA statement said.