Operations in USD with credit card drop 20.5% | First

2023-07-07 03:29:57

In June, operations with credit cards in pesos registered $3,064,771 million, which means a nominal increase of 5.4% compared to the end of last month, clearly below the expected inflation values ​​for this period.

Year-on-year growth was also below inflation, reaching 90.3%, remaining below the estimated inflation levels for the year, consequently showing a drop in real terms.

Guillermo Barbero, partner at FIRST CAPITAL GROUP, explains: “The momentum of real growth that seemed to resume last month was not sustained, surely for this reason, in recent days, we have witnessed once again the relaunch of the “Ahora 12” program with subsidized rates, with new demands for the adherent sectors, higher amounts financed and with the requirement that they be nationally manufactured products. We will see next month if the program has the approval of banks, businesses and consumers, but it is clear that if there are no permanent new announcements, the trend is downward in personal loan portfolios”.

Regarding the use of credit cards in dollars, a year-on-year drop of 20.5% was recorded, although with an irregular monthly behavior alternating ups and downs. During June there was a 6% drop compared to the previous month. The balance shows US$ 264 million. “We can say that the measures aimed at limiting the use of plastics for purchases abroad have been successful, since we find ourselves with balances well below what was usual before the Pandemic“Barber finished.

* Data reported by the Central Bank regarding the stock as of 06-30-2023.

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About FIRST CAPITAL GROUP

FIRST CAPITAL GROUP is a team of professionals, finance specialists with more than 30 years of experience in providing business and financial solutions. The group is made up of three companies:

FIRST CORPORATE FINANCEoriented to the provision of financing, valuation, advice on mergers and acquisitions and restructuring services.

FIRST CAPITAL MARKETS is the arm linked to the stock market activity, authorized by the CNV as Trading Agent under No. 532 and as Management Agent of Collective Investment Products of Mutual Funds under No. 49.

ZUBILLAGA AND ASSOCIATES is a leader in the financial trusts market as a review and control agent (master servicer) with extensive experience in the evaluation of consumer credit portfolios

Desconta Tu Factura SA, a platform that online and 100% secure, allows you to negotiate the credit invoices of your business, obtaining the best discount offers in a simple way and without the need to have a bank account or present financial documentation.

In the last 20 years, FIRST CAPITAL GROUP has structured more than 1,400 securitized operations for more than $100,000 million; has made more than 500 valuations throughout Latin America; and participated in the creation and development of consumer credit systems for more than $10,000 million.