Loans in pesos had the highest growth in 5 years

Buenos Aires – The total balance of loans in pesos to the private sector during November showed an annual increase of 48%, a level “very close to inflation for the period”, according to data released by First Capital Group.

“During the last month, the growth has been $ 301,701 million, which represents 8.2%,” he indicated and stated that there was “The largest expansion in a month in the last 5 years, above the expected inflation for this period”.

The Indec reported in its last report that inflation was 3.5% in October and accumulated an increase of 41.8% so far this year, while the data for November will be published next week.

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Guillermo Barbero, Partner of First Capital Group argued: “We still cannot say that the last 12 months show growth in real terms of activity, but we are on a path that will surely allow us to arrive in the first months of next year.”

The study assured that credit card operations experienced an 8.7% increase compared to the end of last month, about $ 98,045 million above October and also above expected inflation. This was the fourth consecutive month with positive variation, marking the highest monthly growth in a year.

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“The year-on-year growth reached 44.8%, a value close to the inflation of the period and it rises to the podium of the increases in the third place of importance behind the lines of pledge and commercial loans ”, held the poll.

“Events of massive commercial sales such as” Black Friday “had a great influence on the activity of this item, since almost all electronic commerce is channeled with credit cards and electronic wallets ”, explained Barbero.

Mortgage loans on the rise

Regarding mortgage credit lines, including those adjustable for inflation / UVA, The analysis indicated that during November they grew 3.5% compared to the previous month, with which it accumulated a total balance at the end of $ 272,953 million and an interannual increase of 27.6% in nominal terms.

“This line maintains its level of growth firm and is getting closer and closer to being able to express that they are in real terms,” ​​said First Capital Group. “The low cost of some inputs and labor, measured in dollars, drives construction activity and therefore the loans that finance it,” he explained.

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Dollar loans don’t rebound

Then, they had a drop of 8.4%, following the negative line observed since last June.

67.98% of the total debt in foreign currency continues for part of the commercial line, which fell 20.6% in the year and 11% compared to the previous month.

“The pressure that our economy experiences on the external sector prevents the growth of these lines and the exit of deposits in currency from the system forces the retraction of balances in foreign currency ”, he remarked.

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