To prepare for the upcoming XXL weekend, the board of directors of the Central Bank made an unprecedented move by updating the guarantee limits for bank deposits earlier than usual. As a result, deposits made in pesos are now covered up to $50 million, while deposits in foreign currency are covered up to US$100,000. This adjustment was made official in Communication A 7985 and is primarily a response to inflation. This update represents a 733% increase from the previous insured amount.
The deposit guarantee insurance is applied per depositor and per entity, ensuring that bank deposits, savings accounts, and checking accounts are protected in case a bank closes or changes ownership. The insurance system was established in Law 24,485 and regulated in April 1995 by decree 540. Sedesa, a company owned by the Central Bank and financial entities, provides this insurance.
Financial institutions contribute to the Deposit Guarantee Fund based on the capital they receive, with the goal of having enough funds to respond to any risks for depositors. As of March 21, the fund balance was $3,344,653,160,951. This insurance covers deposits in current accounts, demand accounts, savings accounts
