Mexico | Monthly Report on Banking and the Financial System. February 2021

Summary

The economic recession and the restrictions associated to the pandemic have brought unusual circumstances for the banking system. On the one hand, credit growth to the private sector dropped for the first time since 2010. On the other hand, deposits growth remains strong.

Key points

• Key points:
• Interest income form credit cards dropped in 2020 as more customers paid off their debt in full
• Health Care and Telecommunications among the fastest growing sectors according to credit and debit card purchases
• A short squeeze halted optimism in Wall Street at the end of January

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