Peru: Credit card consumption increases in August

Isabel Guerra

Peru: Credit cards consumption posts S/. 10,083 in AugustDespite the recommendations issued by Peru’s Central Bank to moderate private consumption, Peruvians keep on using credit cards, and the this accumulated amount totaled S/.10,083 million in August.

The Association of Banks, Asbanc, said this figure is higher by 2.19% to the one posted in July, and 11.46% higher than the same period last year, reports Peru21.

“Growth has been related to the dynamism of private consumption, due to the better expectations that consumers currently have, which in turn is due to the increase in employment rates and the recovery in the incomes,” says Asbanc.

The number of credit cards issued has surpassed five million in July 2010, with Banco Ripley in the first place with 1.2 cards issued.