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Report: Argentina's new inflation-linked mortgage unit attracts 'moderate' interest

Argentina'snew inflation-indexed unit for mortgage loans, known as the Unidades de Vivienda,or UVI, has generated "moderate interest" from bank clients since itsrecent launch by the Banco Centralde la República Argentina, Cronistareported April 12, citing local banks.

Mostbanks are still working to define the mortgage products they will offer with thenew unit, but Banco Macro SAand Banco Hipotecario SAsaid they had already received 800 and 1,700 client inquiries, respectively.

The UVI,which was announced bythe central bank earlier in April, is designed to make housing more accessible forArgentine families with down payments that are significantly lower than conventionalmortgages.

The valueof the UVI, which is initially worth 14,053 Argentine pesos, is linked to the averageconstruction cost per square meter for buildings of different types in the citiesof Buenos Aires, Córdoba, Rosario and Salta, among others.

As of April 11, US$1 was worth14.52 Argentine pesos.