Interest Rates

TAMAR (Tasa de Interés de Mercado para Ahorro y Préstamos) is the BCRA's benchmark rate for peso term deposits, introduced in October 2024 to replace BADLAR. It reflects the average rate paid by banks on fixed-term deposits and is published separately for private banks and for the combined public & private banking system.

BADLAR (Buenos Aires Deposits of Large Amount Rate) is the average interest rate paid by private banks on peso fixed-term deposits over $1 million, for 30–35 days. It was the main monetary policy benchmark for over a decade and is now superseded by TAMAR, though it remains widely referenced in financial contracts.
BAIBAR (Buenos Aires Interbank Rate) is the overnight rate at which private financial entities lend to each other. It is Argentina's equivalent of an interbank reference rate (similar in role to LIBOR/SOFR).

TM20 is the average interest rate paid by private banks on peso fixed-term deposits over $20 million, for 30–35 days. It is a higher-tier complement to BADLAR, capturing rates offered to the largest depositors and providing a more sensitive signal of wholesale funding conditions.

Repo operations are the BCRA's primary tool for managing short-term liquidity in the banking system. In passive repos (pases pasivos), the BCRA borrows from banks overnight, setting a floor for market rates. In active repos (pases activos), the BCRA lends to banks, setting a ceiling. Together they define the BCRA's interest rate corridor.