The Board of the BCRA has decided today to raise the interest rate on liquidity bills (LELIQs) by 250 basis points and to create a 180-day liquidity note (NOTALIQ).
In the Objectives and Plans for 2022, the BCRA informed that it would resume the guidelines announced in January 2020, leaving behind the period of exceptional policies adopted due to the pandemic. In this sense, the first rise in interest rates took place in January, and a policy interest rate path has been set to obtain positive real returns on investments in domestic currency, and to preserve monetary and foreign exchange stability.
As under the resolution adopted today by the BCRA, the main rates are as follows:
42.5% APR for 28-day LELIQs.
47% APR for 180-day LELIQs.
NOTALIQs will have a floating rate equal to the effective annual rate for 28-day LELIQs.
The Board has raised the minimum limits of interest rates on time deposits—in line with a rise in the monetary policy interest rate—in order to encourage full transmission to returns on time deposits in pesos.
The new floor for 30-day individuals' time deposits up to ARS10 million is 41.5% APR, which represents a 50.4% effective annual rate (EAR).
For all other private sector deposits, the minimum annual rate is 39.5%, which equals a 47.5% EAR.
All other rates regulated by the BCRA stay unchanged, such as the "Ahora 12" program and the interest rate charged on unpaid credit card balances, which remains at 49%. In addition, the interest rates on the credit lines for productive investment and working capital remain at 30% and 41%, respectively.
February 17, 2022