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Wednesday, 17 May 2023 02:44

Lending and deposit interest rate for march 2023 was 2.8 the lowest in Latin America

Written by Evelyn Alas
Lending and deposit interest rate for march 2023 was 2.8 the lowest in Latin America

According to the report "Situación Económica de País 2022 y perspectiva 2023", by Universidad Francisco Gavidia (UFG), in El Salvador in march of this year the asset and liability interest rate for march closed with 2.8 percentage points, the lowest in Latin America.

For salvadorians who made their deposits in the country's financial system, the interest rate registered an upward trend of 4.45% in march of last year and in the same month of this year it increased to 4.90%, that is, an increase of 45 basis points.

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As for people who applied for loans in financial institutions during the same period, the interest rate increased from 6.13% to 7.28%, that is, an increase of 115 basis points.

The UFG study indicates that credit from depository corporations grew 13.9% in the year to march 2023 and totaled US$20,936.9 million, or 63.0% of the Gross Domestic Product (GDP), an annual increase of US$2,549.8 million.

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The Private Sector grew 10.3% in the year to march 2023 and reached US$16,991.1 million 51.1% of the GDP, an annual increase of US$1,587.2 million.

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Likewise, the Public Sector grew 32.3% in 2022 and amounted to US$3,945.8 million, 11.9% of the GDP with an annual increase of US$962.6 million.

 

Translated by: A.M

Published in Economy
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