The president of the Venezuelan Banking Association, Pedro Pacheco, estimates loan portfolio growth of between 40% and 45 % thanks to strategies implemented by the banking sector to reactivate formal financing.
According to the official, “many economists and analysts say that this is insufficient for what the country needs. It’s true, because we are starting from a low base, but we shouldn’t underestimate the fact that 45 % growth is a significant increase.”
Pacheco says that bank financing represents approximately 3 % of GDP. “The private sector’s plan is for intermediation levels to climb to 20 % in the medium term and eventually reach 50 %, a trend that aligns with the Latin American regional average.”
The banking sector is taking steps to recover and reach out to corporate and individual clients in order to anticipate market opportunities “before the macroeconomic environment fully stabilizes.”
He acknowledged that credit limits remain below the ideal scenario; however, the current trend is favorable thanks to the increase in credit card limits and other available financing instruments.
M.Pino
Source: bitacoraeconomica
(Reference image source: sarah b on Unsplash)
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