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Current loans growth to non-financial private sector in December came at 2.6% in real anual terms, as the Mexican peso strength weighed on the business loan portfolio. Banking deposits real anual growth came at 2.2% supported by higher earnings during the holiday season.

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.

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 July, credit growth to the Non-financial Private Sector increased (6.4% in real terms annually) supported by credit to companies in the construction sector and through credit cards. Traditional deposits growth accelerated too (5.1% in real terms annually), underpinned by greater dynamism in demand deposits.

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%.

Colombia aims to cut its fiscal deficit to 5.1% of GDP in 2025, but success depends on swift institutional reforms, clear spending plans, and transparent financing. In a volatile global context, timely and credible messages are key to maintaining investor confidence.