The Central Bank has announced an increase in deposit guarantee limits for bank deposits as part of its preparation for the upcoming XXL weekend. 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.
The deposit guarantee 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. The system covers deposits in current accounts, demand accounts, savings accounts, fixed terms, salary accounts, and term investments per depositor and per entity.
The deposit guarantee insurance is designed to ensure that bank deposits are protected in case a bank closes or changes ownership. 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.
To maintain trust and confidence in the financial sector and benefit both depositors and financial institutions alike