BCRA Monetary Policy Rate (TPM) Calculator🇦🇷
The BCRA's monetary-policy rate (TPM) sets the floor for short-term peso returns. This calculator estimates the interest you'd earn on a principal at the current TPM over a number of days, using the standard day-count convention — handy for sizing a short-term placement.
When to use this calculator
- Calculate fixed deposit yields using current TPM rates
- Students and professionals in finance and economics
- Validate theoretical calculations before investing
- Understand BCRA monetary policy impact on savings
- Quick reference for project analysis and reports
Example Calculation
- $1M at 60% TPM for 30 days
- Earns ~$49k
How it works
1 min readPersonal finance and investment use universal mathematical principles (compound interest, time value of money, risk-return optimization). This calculator applies standard industry formulas.
How it's calculated
Estimated return using Argentina's BCRA monetary policy rate (TPM).
This calculator applies the formula with your inputs, checking typical ranges and alerting you to unusual values.
Typical benchmarks by timeframe
| Period | S&P 500 | 10Y Bonds | Cash |
|---|---|---|---|
| 1 year | Highly variable | 4-5% | 3-5% |
| 5 years | ~8% avg | ~4% | Inflation |
| 10 years | ~9-10% | ~4% | |
| 20+ years | ~10% nominal | ~5% | N/A |
Investment principles
Important notes
This calculation is for reference only. For critical financial decisions, consult a qualified professional. Values are current as of 2026 and reviewed periodically.
Frequently asked questions
What is the BCRA monetary policy rate (TPM)?
The TPM is Argentina's central bank reference rate that defines the cost of money in the economy. It's set by the BCRA board and adjusted monthly based on economic conditions.
How often does the BCRA change the TPM?
The BCRA board meets monthly to review and adjust the TPM as needed. Official announcements follow each board meeting.
How does the TPM affect fixed deposit rates?
Fixed deposit rates typically run 2-5 percentage points below the TPM, depending on the bank, deposit amount, and terms.
What preceded the TPM as Argentina's policy rate?
The TPM informally replaced LELIQ (Letras de Liquidez) as Argentina's key monetary policy reference rate.
Does the TPM affect the peso to dollar exchange rate?
Yes. When the TPM falls, peso investments become less attractive relative to dollar assets, typically weakening the peso.
What are the best ways to invest based on the TPM?
Common strategies include money market funds, traditional fixed deposits (plazo fijo), and repo/lending arrangements (caución).
Where can I find historical TPM data?
The BCRA publishes daily historical TPM data on its website, allowing you to track rate trends and make informed decisions.
What should I realistically expect from stock market returns?
The S&P 500 has historically averaged ~10% annually (nominal) or ~7% adjusted for inflation. Past performance doesn't guarantee future results but serves as a useful benchmark.