He Central Bank of Argentina announced that it will allow payment in installments and its use as a means of payment in financial entities as part of a regulatory and systemic change from November. Starting in July the fixed dates will be rescheduled. These are homebanking or mobile banking services, which currently charge el 87% in two tanks.
By decision of the board of directors after the meeting this Thursday, the central monetary entity announced that it will create the fixed electronic digit word, or that it will imply more functionalities for deposits in pesos made through home banking or mobile banking. This amount will be the Electronic Certificate of Fixed-Term Deposits and Investments (Cedip).
Thanks to Cedip, these investments in pesos, UVA or dollars They can be transferred electronically and at the same time “divided” into investments of lower value and remunerated, or that allow their use as a means of payment and financing, typical of the Central Bank. “The investments made have a corresponding Cedip, which must be constituted by a financial institution at the time of raising two deposit or temporary investment resources, notifying the entity in the report.”
According to the organization chaired by Maicol Pesce, the new features of the electronic CDD will be:
- Domain transfer to resolve -commercial obligations or between individuals-; as well as for stock market trading and/or primary offering.
- By dividing it, transferring values lower than the original, maintaining the rest of the investment in the same conditions, which allows the owner to obtain liquidity in the amount they need.
- At the end of the period the money is withdrawn from the ATM of the depositing institution or transferred to the account of another financial institution.
“With this measure, urgent and urgent orders placed through homebanking or mobile banking are treated as manual orders and with more functionality. In September 2022, non-tradable CDDs (electronically compiled) represented around 88% of total investment, compared to 12% for the two tradables,” the central bank estimated.
The new deposit feature will be available in two periods. The closest will be from from July 1, when the conditions defined electronically will begin to be transferable through homebanking or mobile banking. According to an estimate of Argentine Central Bank, The 88% of this type of deposits are currently non-transferable.
From now until November 1st, the banking system will complete the adaptation of its systems to implement the new remaining functionalities, which have a fixed duration or the possibility of fractioning, use or cancellation of bonds and even the stock market as a form of payment, trading options, among others.
“The Central Bank has promoted the development of digital means of payment and financing through regulations that facilitate their use and create new instruments, such as the electronic check (Echeq), which is mature and has proven to be robust, reliable and widely adopted. . and MiPyME Electronic Invoice Credit (FCEM) with the recent creation of a free circulation system,” they claimed in economic terms.
So, for example, if a saver puts 100.000 pesos in a deposit 30 days, but you need part of the amount after ten days to make a payment in November, you can “split” the deposit, withdraw part of the deposit. total amount you need and download. Any money left over within the stipulated period will not lose the accrued interest.
The purpose of this provision is to provide greater liquidity to savers who currently need to acquire shares of Common Investment Funds (FCI) so they can use their resources more quickly. This gives you faster returns compared to traditional fixed funds. Clause. box tied to 30 days or UVA deposit that takes 90 days.