During February, the total balance of loans in pesos to the private sector reached 1.9 trillion (million million) pesos, which is equivalent to an annual increase of 21.9 percent, in nominal terms.
In the last 90 days, the rise has been 4.4 percent, while the monthly evolution of February was 0.7 percent.
“We observe that for the three periods considered (annual, quarterly and monthly), the nominal growth rates are below the inflation of said periods, which shows a decline in real terms of financing to the private sector,” said Guillermo Barbero , partner of First Capital Group.
Meanwhile, the personal loan line continued with a slight recovery, after the free fall at the end of 2019, with a monthly rise of 0.9 percent,
“The rise in February is the second consecutive one, after eight months in decline, and it is particularly important, given that it materializes in a month with a smaller proportion of working days and is generally very affected in its activity by the holiday break,” explained Barbero. .
The specialist added that there is an increase in the offer to the public of these operations, encouraged by the drop in interest rates promoted by the Central Bank.
On the other hand, operations through credit cards registered a balance of 588,605 million pesos, with a drop of 1.5 percent compared to the end of January. YoY growth reached 51.5 percent, in line with inflation for the period.
“The decrease in February may be due to an operational issue, given that it is a period with a smaller proportion of bank business days, and that may have influenced the number of administrative cycles it contemplates and, therefore, with a shorter scope in closing balances ”, pointed out Barbero.
The original text of this article was published on 03/05/2020 in our printed edition.