Tuesday, May 17

Dialogue with banks accelerated to renew the Now 12 program

The official plan expires on January 31 and talks between the Secretary of Commerce led by Roberto Feletti and the financial sector are already underway. Although the private ones maintain that there is a will to continue with the program, they ask for changes. The sight is fundamentally set on rates. At the beginning of this year the BCRA carried out a rise of two percentage points that they ask to replicate for the program.

“The changes in the rates promoted by the BCRA, which affect fixed-term deposits, Leliq and loans, should also naturally be reflected in the Now 12 rate paid by businesses. That should be visualized from February, assuming that the government will seek to extend the program “, they argued to this medium from one of the chambers that brings together companies in the financial sector.

On the contrary, the Government’s intention is to continue with the current scheme that sets maximum interest limits well below inflation. The current surcharge is 3.20% for the three installments, 6.39% for the six payments, 12.97% for the twelve installments, 19.97% for the eighteen, 30.33% for the twenty-four and 40.18% for thirty. “The dialogue is underway, they are negotiating the rate. The Ministry of Productive Development wants to maintain it and the banks seek to update it”, synthesized a government source.

According to data from the Center for Production Studies, in the year accumulated sales with Now 12 amounted to $839 billion. This represents a rise of 12.6% in real terms compared to 2020 and an increase of 22.4% compared to 2019. With these record figures, the chambers that group the businesses also ask to replicate the conditions of the plan. Both the Argentine Chamber of Commerce and Services and the Argentine Confederation of Medium-Sized Enterprises recently issued statements in this regard.

From the point of view of aggregate demand, the program will be key to recovering what was lost during the pandemic. Private consumption, which fell 15.3% in the first three quarters of 2020, grew 9.8% in the same period of 2021 and, according to the consulting firm Eco Go, “is still below historical values.”