Financial services and insurance brokerage grew at a rate of 9,7% in March, according to BCR. This is an important progress compared to last year’s growth rate (5,5%).
According to the monetary authority, placement and recruitment of resources -loans and savings- explain this result, since the private sector increased its credit demands and there is also an increase in fixed-term savings and sight deposits. Additionally, the fees received by the banks for income-related currency exchange and credit card use also influenced the new growth rate.
For the economist Melvin Garita, the credit growth data of the banking system to the private sector support the growth of banking activity.