During March, purchases with credit cards increased 53.8 percent year-on-year, in line with inflation for the period, according to a report by First Capital Group. At current values, it implied an increase of 7,711 million pesos, reaching 598,289 million pesos. In the monthly comparison, a rise of 1.3 percent was marked, which cushioned the abrupt fall of the previous month.
“However, doubts arise about the legitimacy of the balance, since the activity of banks and collection agencies during the second half of the (last) month have been slowed and could have suffered the collection of payments and, therefore , show higher balances than usual ”, explains the work of the consultant.
In the first quarter of the year, the rise was 4.5 percent, always according to the same report.
“The recovery of March is understood by the time of the year. In general, this month marks the beginning of the annual financial activity of families with the end of the holidays and the “back to school”: a series of expenses accumulated during the summer period, plus those necessary to face the beginning of the cycle teaching at all levels, drives placements; however, this time it has been truncated due to the effects of quarantine ”, explained Guillermo Barbero, partner of First Capital Group.
Regarding the use of plastic for operations in dollars, a decrease of 19.4 percent was registered in relation to the previous month, for which a 57.3 percent year-on-year drop was completed, always expressed in nominal values, without detracting inflation.
“The application of the tax on the purchase of foreign currency to cancel debts contracted abroad has limited its use to a minimum in the last year. In addition, the restrictions on international displacement that have been imposed with greater or less harshness during the last 15 days of the month also influenced the drop in consumption, which will be appreciated next month, “concluded Barbero.
The original text of this article was published on 04/07/2020 in our printed edition.