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Friday, November 26, 2021

Loans to private companies grew 2% in real terms in the third quarter and cut a streak of 2 consecutive falls

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Among the different lines, the BCRA highlighted that, between October 2020 and October 2021, 183,700 MSMEs received credits for the productive investment (LFIP) for almost $ 1.2 trillion, of which almost 16% corresponded to financing for investment projects.

At the same time, since its implementation, banks have disbursed $ 30,563 million in zero rate credits for monotributista and self-employed workers (to which are added about $ 66,500 million from the 2020 edition), and $ 14,300 million in subsidized loans for companies registered in the “Emergency Assistance Program for Work and Production” (ATP).

Financial digitization

The BCRA report also highlighted the notable growth of electronic transfers during the last year.

The real amount of immediate transfers, made both by internet and by mobile banking or through payment service providers (PSP), registered a year-on-year expansion of 19.2% in October and it is estimated that they came to represent 40.4 % of GDP, 6.6 percentage points more than in October 2020.

Particularly noteworthy was the inter-annual behavior of transfers involving PSP accounts (+ 102%) and those made through mobile banking (+ 48%).

“The growth of transfers through digital means of payment – such as through mobile banking – and the greater use of electronic wallets – with the intervention of CBU and / or CVU – account for a deepening of the digitalization process of the means of payment that has been evidenced since the beginning of the pandemic, “said the BCRA.

Source From: Ambito

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