Overview

• In September, peso loans to the private sector rose 2.8% in nominal terms but only about 0.6% in real terms, lifting the stock to roughly ARS 82.8 trillion.
• Household credit cooled sharply as personal loans increased 2.4% nominally for almost flat real growth, while credit-card balances rose 3.4% nominally with a 1.2% real gain and an uneven recent pattern.
• Commercial lending gained 1.2% nominally but fell about 1% in real terms as active rates climbed, leading borrowers to cancel or avoid renewals and banks to scale back new financing.
• Consultants report rising morosity, with family and consumption delinquencies roughly doubling over the past year from 2.6% to 5.2%, reinforcing both weaker demand and tighter supply.
• Dollar-denominated credit continued to expand as a cost workaround, up 3% on the month to about USD 18.716 billion, a 149% increase year over year.