The variety of bank cards in Colombia is falling to crucial ranges of the epidemic

Consumption in Colombia fell in August 2023. Picture: Bancolombia

A number of market analysts in Colombia expressed rising concern in regards to the sharp decline within the variety of playing cards of credit score till now in 2024. The indicator raises warnings for what the influence may very well be on the monetary system.

Knowledge from the Director of Finance, introduced by the previous Minister of Finance, Mauricio Cárdenas, reveals a transparent contraction of this essential technique of consumption within the nation.

The report says that the variety of bank cards in Colombia In impact, from March 2024, fell to 14.4 million.

The above reveals a pointy lower from the 15 million seen final March and raises fears about what may occur to tuberculosis in Colombia.

In accordance with the info talked about by Cárdenas, the outcomes printed by the Director of Finance present that Colombia’s present bank cards are as little as the degrees recorded by the nationwide financial system in September 2020 , in the midst of the pandemic.

Extra details about bank cards in Colombia

“The whole variety of bank cards in Colombia has fallen to ranges beneath the degrees of the pandemic. The discount in consumption is simply starting and can contribute to the autumn in funding. It’s pressing to cease these developments. Both we unite or we sink,” mentioned Cárdenas.

Till March of this 12 months, Bancolombia, Colpatria, Falabella, Davivienda and Banco de Bogotá took the largest slice of the pie within the variety of bank cards issued, nearly 55% of the overall.

Leonardo Villar, the supervisor of the Financial institution of the Republic, had already introduced that the urge for food for credit score was lowering considerably because the nation continued to see ranges extraordinarily excessive rates of interest made customers far more conservative.

Nevertheless, Villar additionally referred to as for calm within the sense that the rise in mortgage delinquencies was consistent with expectations and the banks had dependable safety indicators for these loans that grew to become money owed.

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It have to be famous that in response to the information of the Colombian Superintendent of Finance, within the final 10 years, the most important variety of bank cards was registered in March 2020, simply earlier than the outbreak of the pandemic within the nation, with complete variety of bank cards. 16.3 million plastics.

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Market analysts and the Authorities itself predict developments within the coming months indicators of consumption equivalent to inflation and falling rates of interest.