Due to the rise in the reference rate of the Bank of Mexico, the credit of the banks in the country has begun to become more expensive; although the main financial institutions recognized that these are marginal adjustments.
“Although there is a slightly more adverse scenario than there was before, it is still possible to see single-digit rates on mortgages and those other products that have higher rates, the bank has made a great effort to maintain rates and what we have observed are very marginal growths that do not reflect the same growth as the reference rate of the Bank of Mexico”, said the president of the Association of Banks of Mexico (ABM), Daniel Becker.
According to data from the ABM, credit to companies has increased 1.12 percentage points, standing at 7.88%; meanwhile, payroll credit stood at an average of 27.44 percent, being the financial products that have suffered the most from the adjustment.
For their part, credit cards have an average interest rate of 34.31%, an increase of 0.69 percentage points. In the case of automotive credit, it was located on average at 12.18%, an increase of 0.31 percent.
According to Becker, all credit segments in nominal terms are seeing a recovery in the country and it is expected that, despite a more restrictive monetary policy, good placement rates are expected to continue.
“Macro stability is important. The greater economic growth allows us to have a greater demand for credit, despite the increase in the reference interest rate, bank rates are much more competitive, this is associated with greater competition, “said the manager.
Inflation cannot be stopped by decree: bankers
Given the plan of the federal government and businessmen to reduce the impact of inflation, the country’s bankers stressed that it is going in the right direction due to a complex environment of price increases.
“It is positive because there are 24 products that are part of the basic basket, inflation cannot be stopped by decree, it seems to us that this is an effort of private initiative, particularly of those producers.
It seems to us that in order to generate more income for people it is positive, it will have to be evaluated, but it seems to us that it is going in the right direction”, said Becker. Sun
Due to Inflation, Credit is More Expensive in Mexico
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