Central Bank president Alejandro Vanoli has announced a series of measures to incentivise savings in pesos, including a raise in interest rates for fixed-rate accounts that will increase to 26.2 percent for 90 day holdings.
The move is designed to discourage investors from turning to the dollar, in a week marked by strong upward movement in the currency’s informal rate.
Vanoli revealed the new policy in a press conference held this evening, where he explained that bigger savings in fixed-rate accounts, generated by greater market confidence amongst investors, have allowed «a significant recovery in credit» with a growth of 27.4 percent in recent months.
The Central Bank chief also drew attention to the increase in savings held in pesos in the last nine months, which have risen by 41 percent in the fixed-rate sector; as well as the recovery in international reserves, to the tune of 6 billion dollars since October.
Source: Buenos Aires Herald