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Recent economic slowdown has already weighed on the internal sources of financing as retirement savings gain greater relevance. These resources have been allocated mainly to the public sector and households, particularly through banking credit.

Current loans growth to non-financial private sector in January 2026 reached the lowest point since 2021 (1.8% in real anual terms), as the business loan portfolio had a negative growth contribution. Banking deposits real anual growth came at 0.9% influenced by exchange rate appreciation.

Financing in Mexico has been characterized by three main trends: i) the increase in resources allocated to companies; ii) the fade out of the accounting effect of the exchange rate on the balances of loan and deposit portfolios; and iii) the strengthening of retirement funds as the main source of domestic savings.

Banking intermediation revealed the effects of economic slowdown in August. Current loans growth to non-financial private sector waned to 5.1% in real terms annually, as the growth of its main components dwindled. While banking deposits growth came at 3.9% in real terms annually, a 1.4pp below the average growth in 1H25.

In June, real growth in outstanding loans to non-financial private sector slowed to 5.4% annually, its lowest level since April 2024, as the surge in demand ahead of US tariffs faded. Deposits registered a slower overall growth (3.6% in real annual terms), influenced by the weakness of the economy's revenue sources.

In May, bank deposits and commercial bank lending to the Non-Financial Private Sector (SPNF) registered a widespread slowdown, influenced by weak economic activity and the fading exchange rate effect. Credit grew at a real annual rate of 7.4%, while deposits slowed to a real annual rate of 4.4%.

In March, outstanding credit granted to the non-financial private sector maintained double-digit growth, supported by corporate lending. Traditional banking deposits growth (sight+term) accelerated aunderpinned by public sector resources.