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Colombian credit expected to begin recovery later in 2018

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Colombian credit expected to begin recovery later in 2018

Demand for credit in Colombia is expected to recover in the second half of 2018, pointing to annual growth that is slightly above 6%, Portafolio reported, citing forecasts by the country's Financial Superintendency and the Asobancaria banking industry association.

Credit portfolio data for 2017 is expected to show growth of 2% to 437.000 trillion Colombian pesos. Weakness in the economy led to a sharp increase in past-due loans in 2017, totaling $18.9 billion, largely due to certain debtors, though still reflected in consumer and housing balances.

Jorge Castaño Gutiérrez, the financial superintendent, noted that consumer loans should grow by about 7% for 2018. Any such growth in this sector would depend on recovery in confidence and households' expectations, as well as on the central bank's key rate and greater buying power.

As of Feb. 5, US$1 was equivalent to 2,837.20 Colombian pesos.