The Minister of Economy Sergio Massa announced a increment of 30% in amounts of installment purchases with credit cards and 25% for lump sum payment transactions.
The new measures aim to strengthen credit to the private sector to support consumption.
“We are very confident and very convinced of That the impact to increase the consumption capacity of the internal market, based on the one hand on improving income, which is our job and on parities, and on improving income based on access to credit, can help us to offset part of the decline in GDP product of drought,” Massa said in a message addressed to representatives of the country’s public and private banks.
According to data from the economic portfolio, more than 20 million Argentines will be able to buy 30% more from the implementation of the measure.
Ads come later months of declining funding to consumption. In April these lines of credit, which include personal loans and credit card payments, down 16% compared to what was recorded in the same month of the previous year. And what affects consumers: that the financial cost -if the minimum is paid- amounts to 156% annually.
The data is symptomatic: the last record with such a large drop in consumer loans was in April 2020, in the midst of the pandemic.
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Source: Clarin
