The BCRA decided to increase the ceiling of the annual nominal rate by 6 percentage points.
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Last week, the Central Bank raised interest rates for Leliqs and fixed terms, which also forced the TNA for credit cards to be moved. One of the reasons why the Central Bank was reluctant to raise the interest rate throughout 2021 is that it did not want to affect the cost of money and, therefore, economic activity. A recent study by First Capital Group reported that consumer financing through credit cards closed 2021 with a year-on-year increase of 38.1%, well below inflation for the year. “We are faced with a particularly weak December for the public’s indebtedness with plastic money, the limitations and difficulties to use quotas in tourist services, prevented an expansion of this segment despite the greater volume reached by Christmas purchases,” assured Guillermo Barbero , partner of First Capital Group. Source: Scope.
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