Credit to the private sector —which includes loans granted by banks, finance companies, cooperatives, as well as municipal and rural savings banks— grew 9.4% year‐on‐year in March, mainly due to loans associated with the Reactiva Peru Program, the
By currency, credit in Peru continued to grow at two digit rates (17.6% in March), while credit in U.S. Dollars decreased 14.05% due to greater preference for funding in domestic currency.
In March, credit to firms grew 18.5% year-on-year, driven by higher loans in local currency (38.2%), while loans in U.S. Dollars dropped 14.5%.
On the other hand, loans to individuals decreased 4.5% during the last 12 months.
It is worth pointing out the dynamism of mortgage loans, which registered a year-on-year rate of 4.8% in March (3.4% in February).
This significant reduction is mainly due to a lower dollarization ratio of credit to businesses, which decreased from 38% to 27% in the last twelve months to March 2021.
On the other hand, the dollarization ratio of credit to individuals remained at the minimum level of 8%.
The dollarization ratio of credit to micro and small enterprises —the lowest in this segment— recorded 4% in March 2021.
Moreover, the dollarization ratio of credit to medium-sized companies dropped to 21%, while the dollarization ratio of credit to large companies and corporations fell to 42%.
Concerning loans to individuals, the dollarization ratio of mortgage loans fell from 13% to 11% in the last twelve months, while the dollarization ratio of consumer loans remained at 6%, and the dollarization ratio of car loans increased from 15% to 17%.