The Central Reserve Bank of Peru (BCRP) reported that credit to the private sector —which includes loans granted by banks, financial, municipal and rural savings banks and cooperatives—increased by 0.3% in December 2021 compared to the previous month, with greater growth in credit granted to individuals.
In this way, the year-on-year growth rate accelerated for the fourth consecutive month, going from 3.5% in November to 4.3% in December.
By currencies, credit in soles registered a monthly fall of 0.1% in December; however, the interannual rate accelerated from 4.7% to 5.0% between November and December, explained by the higher growth of loans to individuals. While, in dollars, this had a monthly growth rate of 1.9% and its interannual variation went from -1.3% in November to 1.4% in December.
By segments, credit to individuals increased 1.2% monthly in December, the fifth consecutive month of growth. This increase is explained by the expansion of consumer and mortgage loans by 1.6% and 0.7%, respectively.
The year-on-year growth of loans to individuals accelerated from 4.1% in November to 5.3% in December. Likewise, the interannual growth rate of consumer credit was 3.6% versus 1.7% in the previous month and in the mortgage credit it was 7.6%, the same as the previous month.
On the other hand, credit to Business it decreased 0.2% monthly in December, with which the year-on-year growth rate went from 3.1% in November to 3.8% in December.
It is important to mention that the year-on-year growth of credit, without considering the Peru Reactive Program, amounts to 12.1%, a figure greater than the growth of total credit to companies, which would be explained by the amortizations and cancellations of credits of said program in the term.
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