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Mexican consumer credit slows in April, Banxico says


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Mexican consumer credit slows in April, Banxico says

The consumer lending portfolio to the private sector in Mexico registered 4.9% in annual growth in April amid weaker demand for personal and payroll loans, according to data released by Banco de México, or Banxico, on May 31.

Credit card lending grew by 3.6% compared to a year ago, up from 2.9% growth seen in March. Payroll loans saw a 2.5% annual hike in April, down from 4.2% growth that was recorded a month earlier.

Personal loans grew by 7.4% in the period, marking their lowest annual growth since September 2015, El Financiero reported.

Overall lending by Mexico's commercial banks to the private sector grew by 8.6% in April compared to a year ago, the central bank noted.

As of May 30, US$1 was equivalent to 18.66 Mexican pesos.