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Report: Uruguayan consumer credit growth slows due to lower lending by private banks

Uruguayanfinancial institutions' saw consumer credit growth slow in July, rising just1.2% in real terms from the same month in 2015, mainly due to lower lending byprivate banks, El Observador reportedSept. 23, citing its consumer finance index, which is based on central bankdata.

Totalconsumer credit to Uruguayan families in July, excluding mortgages and autoloans, was equivalent to about $3.44 billion, the report said.

Theslower growth in consumer credit was mainly due to a decline in lending byprivate banks and non-bank credit institutions, which fell 4.4% and 0.6%,respectively, partially offset by higher lending at state-owned , or BROU.

BROU'sconsumer lending rose 4.6% in July from a year ago, the report said.

As aresult, the public bank's share of the consumer credit market rose to 55.1% inJuly from 54.5% in June. Private banks maintained their share at 22.1%, whilenon-bank entities' share of consumer loans declined to 22.8% from 23.4% in theprevious month.