Friday , December 4 2020

Due to the high interest rate in October, the bank loan contracted more than 5%



The monetary authority estimated that "realistically and seasonally adjusted credit lines alleged a generalized decline in all segments, which means an average decrease of 5.3% in October. "

Such withdrawal of the total amount of loans in the month in which the average monthly rates were placed in the range of 30% per year for the pledge and 74% per annum for the current account on the bank's current account, which corresponds to the 3% more than 6% per month, reflects net cancellation of debts.

The equivalent of these movements would be an increase in financing from suppliers, late payments and lower payments for customers as a way to reduce interest costs, although at the expense of lower sales and low production

One of the most shrunken segments was the document discount, mainly deferred payment controls and promissory notes, which dropped by a nominal amount of 4.7% compared to the September level; they barely increased by 2.9% per annum, in a scenario in which inflation is estimated to have risen to 46%.

Less use of security

In the case of loans to non-agricultural enterprises, monetary authorities have detected "disarmament of part of their currency position, which reflects the replacement of funding sources", as a way of avoiding the increase in line costs in pesos and optimizing the use of their foreign currency surplus.

Loans are mainly intended for families, both Financing with credit cards such as personal loans continued to decline in real terms and adjusted to seasonality, with a decrease of 3.3% and 4.1 months in each case.

Central also noted that "private sector dollar loans have fallen by 2.3% (US $ 375 million), which translates into an average monthly balance of USD 15 780 million", mainly due to lower rebate on single company documents (mainly pre-financing of exports).


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