In preparation for the upcoming XXL weekend, the Central Bank made an adjustment to its deposit guarantee limits. The board of directors held a meeting earlier than usual and decided to increase the coverage for bank deposits. Deposits made in pesos are now covered up to $50 million, while deposits in foreign currency are covered up to US$100,000. This update was communicated through Communication A 7985 and is primarily a response to inflation.

The deposit guarantee insurance system provides essential protection for depositors in the banking system by ensuring the safety and security of their funds. This measure helps to maintain trust and confidence in the financial sector, ultimately benefiting both depositors and financial institutions alike. 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.

The deposit guarantee insurance is applied per depositor and per entity, ensuring that bank deposits, savings accounts, and checking accounts are protected in case a bank closes or changes ownership. The insurance system 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.

Banks are required to make monthly contributions to the fund based on their average daily deposits in both pesos and dollars. This preventative measure allows institutions to respond effectively to any potential risks for depositors. The deposit guarantee insurance covers deposits in current accounts