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Argentine banks to raise commissions amid inflation woes

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Argentine banks to raise commissions amid inflation woes

Argentine banks, including Banco de la Ciudad de Buenos Aires and Banco de Galicia y Buenos Aires SA, are set to raise their commissions on products and services from January 2018 as they battle to keep up with inflation, according to a report by La Nación.

State-run Banco Ciudad reportedly told clients it would increase its commissions for products and services by just under 20%, according to the report. Likewise, Banco Galicia reported a January increase and said that it will be the only adjustment in 2018. Argentine banks are required to inform their clients 60 days in advance of any changes in costs and fees, according to the publication.

Meanwhile, Argentina's banking association ADEBA has urged the country's central bank to reduce the tax on credit card payments to match the charges of online payment processor Mercado Pago, El Cronista reported.

Commercial credit card payments in Argentina carry a 9% tax, but it is only 5% when the payment is made through the online payment system, which is owned by Argentine company MercadoLibre, Latin America's biggest e-commerce company.