Banco Nacional de Desenvolvimento Econômico e Social disbursements fell 35% to 88.3 billion Brazilian reais in 2016 from 135.94 billion reais a year earlier, figures released Jan. 31 showed.

The total is the lowest amount for the Brazilian development bank since 2007, when it disbursed 64.89 billion reais.

Loan approvals declined 28% in 2016 year over year, while consultations dropped 11%.

The results come amid a broader decline in lending across the Brazilian financial system. Earlier in the week, data from Banco Central do Brasil showed that 2016 lending at all state-run banks declined for the first time since 2001 — largely because of BNDES — while lending at private banks sank 3.24%.

As of Jan. 30, US$1 was equivalent to 3.12 Brazilian reais.