The average active rate that banks charge for loans has been falling month after month and reached 11.85% last December, this due to the effect of the easing policies, according to the report on financial indicators, released yesterday by the Central Bank of Paraguay (BCP). The cost of credit has been decelerating strongly since 2015, when the credit card rate was limited and more recently due to the easing measures promoted by the Government to try to boost the economy, through loans.
According to the report, the granting of total loans continues to grow dynamically. Thus, credit in national currency has grown at an interannual rate of 14.5% while in foreign currency it has decreased by 7.3%. This is due to the exchange rate appreciation in 2020, which led clients to position themselves mostly in the local currency.
The report shows that in the reference month there were contractions in interest rates for commercial loans, which stood at 8.62% last December, and in consumer loans, which fell to 22.81%. On the other hand, increases were observed in interest rates, lines for housing loans, with an average of 10.77% and development loans at 10.05%, according to the BCP report.