Credit to the private sector with its highest increase in two years

Credit to the private sector for consumption continued in October the growth path it exhibited in recent months.

And it registered, in the case of personal loans, its highest monthly increase in the last two years, according to the BCRA’s Monthly Monetary Report.

“Personal loans grew, in nominal terms, 2.3% without seasonality in the month, registering the highest increase in the last 2 years,” detailed the BCRA.

He also valued that, with the reopening of shops from the relaxation of sanitary restrictions in different parts of the country, consumer credit began to recover.

Finance with the cards

In this sense, credit card financing continued its nominal expansion as in the last five months,

And in October, they marked an increase of 5.3% without seasonality, which is equivalent to a real increase of 2.3%, discounting inflation.

Regarding lines with collateral, pledged loans in October showed a monthly increase of 6.3% in nominal terms and without seasonality.

These also completed five consecutive months of positive variation.

“In real terms, the expansion would have been 3.2%, moderating its year-on-year decline to 18.9%,” said the BCRA, explaining that credit to the private sector expanded.

He stressed that “the great dynamism that pledge loans continue to show is associated with the recovery of sales in the automotive market.”

On the other hand, time deposits had a drop in the deposit segment of more than $ 20 million from the first week of the month.

This occurred after five consecutive months of historical increases, of the order of between 5 and 10% per month.

This fall, explained the Central, was associated so much with the fact that “part of those funds would have been channeled in the tenders of the Treasury Bonds linked to the value of the dollar.”

“And, on the other hand, to a transfer of funds from investments with an early cancellation option to paid demand deposits.”

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