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Punishment to farm rebels: dollar further down
Argentine administration should stop losing reserves as of today. Grain exporters would sell dollars again, giving a breath of fresh air to a market where BCRA (Argentine Central Bank) has been the sole bidder. Will BCRA let exchange rate fall further down to punish those opting for freezing exports? Savers, without clear signs of a final agreement with farm, keep on looking for the American currency, the classic shelter.
For small and medium-sized savers, time deposits keep on being a refuge from public insecurity. In view of dollar stability and poor yields, they are used as safety boxes, which are for free and offer a return.
The survey carried out by the monetary authority shows that the average rate in pesos for a term of 30 days reached to 14.2 per cent annual; 15.3 per cent between 30 and 59 days; and 16.6 per cent for 60 days and more.
However, for deposits lower than ARG$100,000, the average yield falls to less than 11 per cent. Above such amount, 14 per cent was paid; and between half a million and a million of pesos, the rate climbed to 16 per cent annual.
One should take into account that private banks are paying 4 percentage points more than their public counterparts, while non-banking financial entities offer more than 5 percentage points.
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