Total credit to the private sector—which includes loans granted by banks, finance companies, municipal and rural savings banks, plus cooperatives—accelerated its year-on-year growth rate from 8.6% in April to 9.1% in May, the highest year-on-year rate since March 2021, the
By segment, year-on-year growth in credit to individuals accelerated from 8.2% in April to 8.9% in May, mainly driven by growth in consumer loans.
Credit to businesses posted a 9.2% year-on-year growth rate in May, up from 8.9% in April.
According to the central bank, credit to individuals increased 1.1% during the month. Meanwhile, credit extended to businesses rose 1.9%.
By currency, credit denominated in soles accelerated from a 7.4% year-on-year growth rate in April to 7.8% in May, the BCR indicated.
Credit in foreign currency grew 13.2% year-on-year in April and 13.9% in May.
Monthly growth in credit in local currency was 1.2%, while credit denominated in U.S. dollars increased 3.0%.
(END) NDP/MVB