Transactions grew, but did not reach the level of inflation, which resulted in a decrease in real terms.
He use of credit cards for purchases in pesos ended the 2023 with a year-on-year growth of 149.5%remaining below the levels of the inflation estimated of the year. Unable to catch up with inflation, credit card transactions showed a drops in real terms.
According to a report by First Capital Group, only in December credit card operations reached a total of $5,371,716 millionwhich means a rise of 6.7% nominal compared to the close of last month, and below the expected inflation values for this period.
“The almost disappearance of alternatives to pay in interest-free installments, has contracted the portfolio in real terms. The lack of updating of limits credit has also conspired against the use of plastic,” he explained Guillermo BarberoPartner at First Capital Group.
Credit cards
Mariano Fuchila
Credit cards: how much they were used for purchases in dollars
As for the purchases in dollarscredit cards registered a year-on-year increase of 48.7%, although with an irregular monthly behavior alternating increases and decreases. Only in December there was 32.5% decrease compared to the previous month, reaching US$287 million.
“Just as during the past month there was a paradoxical incentive to use cards to pay for consumption in foreign currency, This month, using them implies paying an exchange rate much higher than the market rate.. We hope that these imbalances do not continue to be repeated because they surprise the consumer who cannot assimilate the changes that are taking place in banking and tax regulations,” he concluded.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
