At the end of last August, only the banks they had $546 billion in depositsthis is $72 billion more than a year ago, or 15.2%, when the figure reached $474 billion.
And what happened between one period and another to explain the situation has been mainly the permanent increase in interest rates by the Banco de la República (to combat inflation) that have been rapidly transmitted to the market, especially the so-called deposit or deposit rates.
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But that is not the only factor, but also strong competition from entities for public resources to comply with some technical requirements related to international banking legislation (Basel III).
Thus, the profitability that has been seen in the market with deposits, especially with savings accounts and Term Certificates of Deposit (CDT) has caused a strong increase in its volume.
According to the Financial Superintendence, andn August the banks’ CDT totaled $174.3 trillion and they showed a growth of 28.6% compared to the same month of 2021 ($135.5 billion).
This is explained by the fact that the rate of average interest for those titles with a term of one year was 14.29%although there was one of them that registered an average of 15.33%
With savings accounts, which are traditionally recognized for offering almost no profitability, at this juncture they are showing rates that in annual terms they reach in some cases above 9%, which is why its balance grew from $264 billion to $293 billion between August 2021 and the same month this year. That represents 11%.
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The savings account is seen as a good solution, as an on-demand resource, that is, liquid at any time.
Even current accounts, which have been decreasing in volume and importance, in last year show a little revitalization.
According to the Superfinanciera, at the end of last August the banks, the only entities that manage them, they had deposits in that product for $74.8 billionwith an increase of 2.7% compared to the same month last year, when the figure amounted to $72.9 billion.
Arnoldo Casas, investment director of Credicorp Capital said that the phenomenon of large deposits is also the response to the growth of the portfolio and the fact that interest rates so attractive that the banks are paying means that many people are needing to put their money to rent and, on the other hand, the banks need that liquidity due to the growth of credit and the Cefen (Net Stable Funding Ratio) that seeks for entities to maintain a profile stable funding in relation to its assets.
But there is another deposit product, which, although it is still small, has been showing strong growth: electronic deposits.
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The figures show that in August 2021 this product in the banks amounted to $759,557 million and a year later they went to $3 trillion, with a growth close to 300%.
Erick Rincón, director of the tic tank of the Rosario University, said that the participation of fintech actors, leveraged and independent of the financial system.
“Today, Nequi and DaviPlata are the main sources of financial inclusion, together with actors such as Movii and TPaga that have been moving a proposal around technological alliances with mobile operators.”, indicates.
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