Mexico | Deposits strengthened in July as formal employment and COVID cases increased

Summary

The growth of bank deposits accelerated in July due to higher demand deposits from both individuals and companies. This dynamic could be associated with a relevant growth in formal employment together with a non-generalized slowdown in consumption after the rebound in COVID infections.

Key points

• Key points:
• Deposits to the upside again in July underpinned by employment and a wobbling consumption
• Downward trend of Term deposits continued
• Deposits in debt mutual funds fell again in July

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