2024-01-06 22:32:49
Loans in pesos to the private sector reached a total of $16.3 billion in December, with an increase of $9.3 billion (132.6% annually, lower than the estimated inflation for the year), according to a report by First Capital Group.
In December the variation was $586,000 million, which represented an increase of 3.7%, well below inflation.
“The first measures and statements that were made known had a strong impact on economic actors, resulting in a contraction of activity in real terms,” explained Guillermo Barbero, partner at First Capital Group.
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Personal loans increased 3% monthly and the balance amounted to $1,955,172 million for the accumulated total, with a year-on-year growth of 83.9%.
“Consumers clung to the income from the annual supplementary salary and the bonuses established by the Previous Administration to close the year without new loan requests,” said Barbero.
Credit card operations reached a total of $5,371,716 million, with an increase of 6.7% compared to the end of last month, but also below the expected inflation values for this period; and year-on-year growth reached 149.5%, also being below estimated inflation levels.
“The almost disappearance of alternatives to pay in interest-free installments has contracted the portfolio in real terms; The failure to update credit limits has also conspired against the use of plastic,” he explained.
Regarding mortgage credit lines, including those adjustable by inflation/UVA, during December they had an increase of 1% compared to the previous month, accumulating a total balance at the closing of $594,062 million and an interannual increase of 57.7% in nominal terms.
Meanwhile, the collateral credit line presented a portfolio balance at the end of December of $974,514 million, growing 109.2% versus the portfolio at the end of the same month of 2022, once again being below inflation; and 6.1% compared to the previous month.
“The slowdown in the production and import of 0km vehicles in recent months has resulted in few financing operations,” he stated.
In relation to commercial loans, the line saw its balance increase by 1.2% in the month, clearly below inflation, placing it with a portfolio stock of $6,285,011 million; and compared to the same month of 2022, the increase is 151.9%.
The private sector continues to make strong adjustments in its activity to avoid debt, considered FCG.
Regarding loans in dollars, compared to last month, the total amount (US$ 3,430 million) presented a drop of 9.2%; and, regarding the interannual variation, it presented a decrease of 2.2%.
65% of the total debt in foreign currency continues to be the line of commercial loans, which decreased 3.6% in the year and 5.4% compared to the previous month.
And, with credit cards, the balance amounted to US$ 287 million, with a year-on-year increase of 48.7%, but with a decrease of 32.5% in December compared to the previous month.
“Just as last month there was a paradoxical incentive to use cards to pay for consumption in foreign currency, this month using them implies paying an exchange rate much higher than the market rate,” he concluded.
With information from Télam
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