Overview

• The Central Bank’s report shows the family delinquency ratio rose 0.9 percentage points from July to the highest level since the series began in 2010.
• System-wide irregular loans reached 3.7% of private credit, the highest since December 2023, while corporate delinquency stood at 1.4%.
• Consumption credit lines deteriorated most, with personal loans at 8.2% and credit cards at 6.7%, both setting new peaks.
• Analysts link the surge to rate spikes and volatility after the end of LEFI and measures to defend the exchange rate, which raised refinancing costs as real wages stagnated.
• Exposure varies by lender group—4.3% in nationally owned private banks versus 3.5% in foreign private and 3.3% in public banks—while provisions cover 108% of irregular loans and banks pare back credit offers.