Mexican banks’ net outstanding loans rose 9.6 percent in real terms in August from a year earlier, according to the central bank.
Net outstanding loans to the private sector rose to 2.18 trillion pesos ($170 billion), the bank said in a report released today on its website. Outstanding consumer loans increased 17.3 percent from August last year to 553.8 billion pesos, the report showed.
Mexican banks’ outstanding loans are likely to grow by at least 15 percent this year, according to the head of the nation’s banking and securities regulatory agency. “We expect a relatively good year,” Guillermo Babatz, president of the National Banking and Securities Commission, said in an interview at Bloomberg’s Mexico City office Aug. 21 “They’re going to be growing all across the board.”
In July, net outstanding loans to the private sector grew 10.2 percent and consumer loans increased 17.5 percent in real terms from a year earlier, according to the previous lending report.
Mexico’s central bank kept the overnight lending rate at 4.5 percent for a 29th consecutive meeting on Sept. 7, the only Group of 20 nation to leave the borrowing cost unchanged and not step up asset purchases in the past three years. Banxico, as the central bank is known, will wait until at least 2014 to adjust rates, according to a Bloomberg survey.