The “battle” against inflation does not stop and deposits in fixed term suffered from the increase in prices registered by INDEC during October. In addition, investment in this banking instrument also lost ground due to another important economic variable: the rise in financial dollars.
As was well reported, the monetary policy rate at 75%, a number that has been maintained since last September and is applied to the traditional fixed termsupposes a yield of 6.16% per month in pesos.
For a brief period, this percentage dictated by the Central Bank made the investment most chosen by small savers win or tie the Consumer Price Index (CPI). Unfortunately, inflation for October closed at 6.3% and won the “struggle” of the month.
Throughout 2022, the highest monetary entity applied several increases in the interest rate for the traditional fixed term. And one of the objectives of this measure is that investors do not move their pesos to the purchase of the different types of dollars.
And while there was exchange rate stability for several weeks, the devaluation in parallel dollar prices over the past week caused the hard currency gain from betting on peso rates to come to an abrupt end.
Despite the months of positive returns, in one week the North American currency erased the 30-day advance of the options in pesos.
Until very few days ago, the return of the fixed term traditional was well above the movement of parallel exchange rates such as the dollar “blue“, the MEP dollar and the dollar counted with liquidation.
But last week the parallel dollar climbed $12 after weeks of calm, while the MEP and cash with settlement rose to $332. As a consequence, the advance of the currency cut with the gains measured in dollars from investing in pesos.
In the same way, this week the exchange rates of financial dollars woke up strongly, since the cash with settlement climbed more than 7% in 5 days and reached $332.
In this same framework we must mention the UVA Fixed Term, an alternative that guarantees a return of 1% more than inflation. But, it is not very popular among savers because it requires that the deposit be reserved for at least 90 days.