2023-10-27 23:25:26
Last September, credit from the financial system to the private sector – which includes loans granted by banks, financial institutions, municipal and rural savings banks and cooperatives – registered an interannual growth of 1.1%.
By currency, the amount of credit in soles in September remained stable compared to the same month of the previous year, while the interannual growth rate in dollars was 4.9%, according to the Central Reserve Bank of Peru (BCRP).
In September, credit in soles registered a monthly decrease of 0.2%, while in dollars it had a monthly increase of 1.3%.
The greater expansion of loans in foreign currency is due to the preference of large companies and corporations for financing in dollars, due to their lower interest rates than in national currency.
READ ALSO: Companies are preparing strong debt refinancing in 2024, but there is a problem
How does credit to people advance?
By sectors, credit to individuals grew 9.6% year-on-year in September, due to greater loans of this type in soles, with an expansion of 10.3% year-on-year.
In detail, consumer credit increased by 12.7% compared to the same month in 2022 and mortgage loans increased at an interannual rate of 5.2%. Thus, consumer financing is the one that has grown the most this year.
In September, credit to individuals rose 0.5% monthly, 0.3% corresponding to consumer loans and 0.8% to mortgage loans.
Evolution of total credit of the financial system
READ ALSO: Banks reduce consumer credit line to debtors due to inflation
Evolution of credit to companies
On the contrary, the interannual percentage variation rate of credit to companies was reduced in September to -3.9%, which considers the impact of the amortizations and cancellations of credits from the Reactiva Peru Program in the period. The greater amortization of these loans reduces the total balance of disbursements to companies.
Without considering the Reactiva Perú program, loans to companies rose 3.6% in September compared to the same month of the previous year, the BCRP states. In monthly terms, financing to companies had zero growth in September and without considering Reactiva it increased by 0.2%.
Enjoy your Subscriber Club discounts as many times as you want thanks to your Gestión subscription. More than 300 promotions are waiting for you, discover them Here. And if you are not yet a subscriber, purchase your plan HERE.
#Credits #advance #September #grow #Bank #loans #Credits #people #Credits #companies #BCR #ECONOMY