April 16, 2021
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During February 2021, the nominal balance of the current loan portfolio granted by commercial banks to the non-financial private sector fell 2.0%. The annual rate reduction in nominal balances was greater than in January (-1.3%), accentuating the downward trend observed since May 2020.
In this publication you will find, on a weekly basis, our selection of the most relevant news regarding financial regulation.
GDP dropped 4,2% YoY in February. The main factor behind the result are the harsher isolation measures implemented during the month. The contraction was generalized amongst the sectors with the exception of construction, fishing, and telecommunication and financial services.
Consumption in April is again below the level registered prior to the pandemic due to new mobility restrictions and a calendar effect due to Easter. Services suffer the largest deterioration in the month, dropping 40% below the level recorded in 2019 and at levels similar to those of Jan-21.
CBRT altered forward guidance to more dovish side as referring tight stance by means of keeping the policy rate unchanged and promised to keep the policy rate at a level above inflation.