Borrowing appetite slows

Consumer lending rose 7.1% in October, reaching the equivalent of 1.8bn euros, according to National Bank statistics. This represents a visible decline for the pace of growth, which in previous months had fluctuated at around 20%. Consumer credit includes all types of foreign or local currency loans granted to the population (excluding private entrepreneurs and family associations), though not loans for real estate and mortgages. Consumer loans in ROL continued to make up most of the total at 73% and equated to an equivalent of 1.4bn euros. These types of loans increased by about 6% compared with September. The driving force behind the growth was lending in foreign currency, which progressed faster at more than 10% to reach a total of 0.5bn euros. There is still a preference for foreign currency, given the increasing appreciation of the ROL in nominal terms. ZF