The Central Bank’s board of directors held an early meeting to update the guarantee limits for bank deposits in 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 protects bank deposits, savings accounts, and checking accounts per depositor and per entity. This insurance 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, fixed terms, salary accounts
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