Mexico | Monthly Report on Banking and the Financial System. January 2023

Summary

In November 2022, the nominal balance of the current credit portfolio granted by commercial banks to the non-financial private sector (NFPS) grew at an annual rate of 12.8% (4.7% real), while traditional bank deposits (sight + term) exhibited a nominal variation of 7.5%YoY (-0.3% real).

Key points

• Key points:
• Credit to the non-financial private sector increased its dynamism in November, mainly driven by financing to households.
• Traditional bank deposits contracted in November due to the fall in term deposits and the stagnation of demand deposits.
• Widespread growth of credit across regions during 3Q22, underpinned by the services portfolio.
• Divergence between market and FED expectations and the outperformance of the Mexican Peso stood out at the end of 2022.

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