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Credit to the private sector —which includes loans granted by banks, finance companies, cooperatives, as well as municipal and rural savings banks— grew 9.4% year‐on‐year in March, mainly due to loans associated with the Reactiva Peru Program, the <a href=" https://www.bcrp.gob.pe/en"target="_blank"
The officer noted that Peru had one of the worst declines in the second quarter of 2020, but the recovery speed was quite marked and impressive. "After that -30% of the second quarter of last year, having managed to close all of 2020 at -11%, it means that the recovery was quite marked, and I would say that even impressive," he emphasized. "As of January of this year, the economy reached the pre-crisis level; that means, the level at the beginning of 2020. There are only two countries that achieved this: Peru and Brazil, while the others were still below 2% to 3%," he explained.
Credit to companies in Peru expanded 22.3% year-on-year in November 2020, making it the most dynamic among the world's main economies, according to information recently released by the Central Reserve Bank (BCR).