After the controversy over the disposition of the Central Bank of the Argentine Republic that conditions the granting of loans with rates of 24% to the advance of the sale of grains, Banco Nación announced that it will maintain its “subsidized” lines for agriculture.
In addition, he announced that in the coming days “he will implement a new line of investment at variable rates” to “facilitate the marketing” of grains.
Through a statement, the official entity “ratified the decision to maintain its policy of credit assistance to the agricultural production sectors.” In this sense, he informed that “the different credit alternatives are still in force, destined to the agricultural-livestock sector, both for the purchase of machinery and to finance productive investments.” In these cases “the rates include subsidies and range between 27 and 32 percent.”
According to Communication “A” 7018 of the Central Bank, banks will not be able to grant loans with a subsidized rate of 24% to establishments and SME producers “that maintain a stockpile of their wheat and / or soybean production for a value greater than 5% of their annual harvesting capacity”.
In this regard, Banco Nación explained that the measure “established the conditions for the granting of credits and the possibility of making term investments with variable remuneration with a yield determined according to the value of cereals or oilseeds”.
For this reason, the bank “will implement a new investment line at variable rates in the coming days to facilitate the commercialization of stored production and at the same time provide the necessary coverage in line with the evolution of the prices of these commodities.”