Overview

• Private‑sector peso lending posted its weakest real expansion since March 2024 aside from August, with September up just 0.6% in real terms and about 50% year over year.
• Personal loans edged up only 0.2% in real terms, while the Central Bank’s data show a 76.4% nominal annual rate on these credits and reporting notes taxes lift effective borrowing costs by roughly 20%.
• Commercial credit fell 1% in real terms for a third straight monthly decline, whereas card financing rose 1.2% in real terms, helped by retail promotions offering interest‑free installments and discounts.
• Mortgage lending continued to expand, up 8.5% in real terms month over month and 317% year over year, with some banks moving to UVA plus 12% pricing from UVA plus 4% a year earlier.
• Arrears remain elevated, with household delinquency at about 5.6%–5.7% in July and personal‑loan irregularity near 7.2%, while dollar‑denominated loans climbed to US$18.716 billion in September, up 3% monthly and 149% annually.