August was a month of high volatility for Argentine financial markets. Two months after the elections, traditional investments such as dollar And the fixed deadlines moved strongly, while inflation continued to mark the rhythm of the economy.
In this context, many savers ask what was the best option to protect their money and obtain real earnings. He dollar was shelter again? Did the fixed deadlines manage to beat inflation? What instrument offered the best performance?
Historically, the dollar It has been the preferred asset by Argentines to protect themselves from inflation and political uncertainty. However, August showed that it is not always a guarantee of profitability. The month began with a contribution of $ 1,325 for sale at Banco Nación.
During the first weeks, the dollar It rose to touching the $ 1,400, but then backed down and closed the month around $ 1,360. At first glance, it might seem that there was a gain. But when evaluating the investment from the point of view of the saving that is, considering the purchase price and the value to which your dollars can sell to the Bank the story changes.
The repurchase price at the end of the month was $ 1,320, which implies a nominal loss of 0.37% compared to the initial purchase value. In other words, those who bet on the dollar In August they lost purchasing power, at least in nominal terms. The volatility of the exchange rate and the intervention of the Central Bank within the flotation bands played a key role in this result.
On the other hand, fixed deadlines in pesos offered much more attractive performance. As of August 1, the Nation Bank offered an annual nominal rate (TNA) of 37%, which is equivalent to a monthly yield of 3.04%. Thus, who placed $ 100,000 at the beginning of the month, received $ 103,041.10 at the expiration, that is, a gain of more than $ 3,000 in just 30 days.
Inflation
This yield was higher than the dollar and, most importantly, he beat inflation. According to the survey of market expectations (REM) of the Central Bank, August inflation would have been located around 1.7%. Even if the highest estimate of some consultants, such as PXQ, which projected 2.2%, the fixed deadline continues to offer real positive performance is considered.
In addition, towards the end of August, several banks began to raise their rates to capture deposits, offering up to 55% TNA, which represents a monthly effective rate (TEM) of 4.5%. This trend anticipates that September could be even more favorable for those who choose this investment tool.
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