Publications

Current loans growth to non-financial private sector in November came at 3.3% in real anual terms, the lowest rate in 2025 despite retail discounts and promotions during Buen Fin . Banking deposits real anual growth came at 1.4% as term deposits posted its first negative growth rate since late 2022.

The tightening steps of the CBRT in the aftermath of the March shock were followed by much tighter financial conditions and additional macro-prudential measures throughout April and early May. Deposit rates rose to their highest level since Dec24. Credit growth maintains its limited growth.

Credit growth accelerated throughout February beyond the growth caps. Therefore, the monthly growth limit has been reduced further for FC lending at the start of March. The CBRT aims not to allow demand conditions to contain the disinflation process, signaling new macro-prudential measures if necessary.

The weekly growth of FX-adjusted credits decelerated from 1% to 0.2%, mainly due to consumer credits in the sector. 4w trend fell down to 0.6%.

In October 2024, traditional bank deposits had a real annual variation of 4.7% (9.7% nominal), a figure higher than that of September (4.0% real). While the current credit portfolio granted by commercial banks to the SPNF grew 7.0% real annually (12.1% nominal), below the increase in September (7.2% real).

Since Dec 6th was the day for finalizing credit growth monthly caps, the weekly growth of FX-adjusted credits decelerated from 0.9% to 0.3%. The deceleration was due to consumer credits in the sector.

On the week of 15th November, weekly growth of FX-adjusted credits accelerated from 0.2% to 0.4% due to commercial credits in public banks. 4w trend rate of total credit growth rose to 0.44%.