Interest rates for new loans granted by banks have increased, although to a lesser extent than the Banco de México (BdeM) reference rate. Loans to large companies are those that suffered the most from this fact, affirmed the Association of Banks of Mexico (ABM).
According to information from the agency, between November 2021 and the same month in 2022, the central bank’s reference rate increased 5 percentage points and stood at 10.5 percent. This is a measure that aims to contain high levels of inflation.
In this sense, the rates of loans to large companies had an increase of 4.85 percentage points in the reference period and stood at an average of 11.59 percent at the end of the eleventh month of last year.
In the credit card segment, the increase has been 4.14 percentage points, and the average interest rates are now 37.27 percent.
In the case of loans to micro, small and medium-sized companies, the increase has been 3.36 percentage points and the average rate is 14.53 percent.
For car financing, the increase has been 1.85 percentage points and the average rate is 14.27 percent; in the case of mortgages, the rise has been 0.72 points, with an average rate of 9.84 percent.
Daniel Becker, president of the ABM, said that due to intense competition and good risk management, bank rates for new loans increase less than the reference rate and new non-revolving loans to individuals are at a fixed rate.
He mentioned that today the demand for credit by the population continues to rise.
This indicates that “the Mexican economy is in a process of dynamism, not in exponential growth, but in frank growth.”
The flow of new credit granted to large companies grew 47.6 percent between January and November 2022 and 21.4 percent in micro, small, and medium-sized companies.
