Argentinian Central Bank To End Freeze On Bank Fee Hikes

Argentinian central bank to end freeze on bank fee hikes. Starting in January 2021, the Central Bank of the Argentine Republic reports that financial institutions will be able to raise the fees or commissions they levy on services provided. The central bank says such increases should not reach 9% per month. The update came on November 5, effectively ending the February 19 moratorium on any fee hikes.

Additionally, the country’s regulations require financial institutions to communicate any intention to increase such commissions 60 days in advance. In the update, the central bank provides a list of the types of financial services where the authorization of the increases will be applicable and these include:

“(The) issuance of additional debit cards, replacement of debit cards due to theft or loss; use of ATMs (outside of the entity’s operating houses, another entity and / or network) and services for the extraction of funds through terminals at points of sale and cash withdrawals from the account by the owner or a third party.”

The update also adds that “financial entities may also order increases in commissions for other financial products and services, such as those related to the safe deposit box service, with the operation with securities and with the bank checking account.”

In February, the central bank announced that the freezing of such commission increases part of the country’s response to the effects of Covid-19.

Athena Bitcoin is seizing on this opportunity to turn to alternatives like bitcoin. In a Facebook update, the company reminded its followers that it already has an additional ATM at one supermarket in Palermo.

[image: Fernando Tavora]

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