Monthly Report July 2019 12 30 Monetary and Financial ...

Monthly Report July 2019

Monetary and Financial Statistics

This report presents key monetary and financial statistics with the data up to July 2019. The statistics correspond to information reported by all the banks in the country. Definitions and a greater disaggregation of the series contained in this report are available at the Statistical Database of the Central Bank of Chile.

Contact: [email protected]

Interest rates by type of

debtor (1):

(rates on an annual basis 360 days)

consumer ($): 20.5%

commercial ($): 5.6%

foreign trade (US$): 3.7%

mortgage (UF): 2.6%

Nominal loans by type of

debtor (2):

(annual variation)

consumer: 8.0%

commercial: 7.4%

foreign trade: 7.8%

mortgage: 10.6%

total: 8.4%

Monetary aggregates (3):

(annual variation)

M1: 9.7%

M2: 6.8%

M3: 11.4%

Interest rate and volume of new business of loans and

deposits

In July, the interest rate of mortgage and consumer loans decreased

to 2.6 and 20.5% (June: 2.8 and 20.7%), respectively. As for

commercial and foreign trade loans, the interest rate increased to 5.6

and 3.7% (June: 5.4 and 3.5%). View data and annex

The decrease of consumer loans is explained by a decline in the

rates of overdraft and revolving credits, which presented values of

25.3 and 26.7% (June: 25.9 and 27.1%), respectively. As for foreign

trade loans, the higher interest rate is explained by an increase in

the rate of export credits, which reach values of 3.4% (June: 3.1%),

along with a greater share of import credits in the volume of new

business. Finally, the rise in the interest rate of commercial loans is

due to the increase in overdraft credit rate to 5.9% (June 5.6%).

Regarding the interest rates of deposits in national currency, these

presented lower values than the month before in all maturities, in a

context of a higher level of new business. Therefore, the interest rate

for maturities between 30 and 89 days was 2.5%, for maturities

between 90 days and three years was 2.6% and for maturities more

than three years was 2.9%. View data and annex

Nominal loans by type of debtor

The annual growth rate of the total credit stock increased to 8.4%

(June: 8.2%), explained by a higher incidence of mortgage and

foreign trade loans: 10.6 and 7.8% (June 10.1 and 5.5%),

respectively. On the other hand, consumer and commercial loans

continued to growth around 7.4 and 8.0% (June 7.5 and 8.1%). The

higher growth rate of commercial and foreign trade credits was

influenced by the increased of the exchange rate in the period.

(Figure 2).View data and annex

Nominal monetary aggregates

The annual growth rate of M1 was 9.7% (June 8.9%), explained by

a higher impact of other checkable deposits. As for M2, the annual

growth rate was 6.8% (June: 6.1%), influenced by the increased in

time deposits. Finally, the yearly variation of M3 was 11.4% (June

12.1%), due to a lower incidence of Central Bank instruments and

treasury bonds. (Figure 3) View data and annex

Graph 1: Interest rates by type of debtor (1) (rates on an annual basis 360 days, percentage)

0

10

20

30

0

4

8

12

Jul.17 Nov.17 Mar.18 Jul.18 Nov.18 Mar.19 Jul.19

commercial ($)mortgage (UF)foreign trade (US$)

consumer ($)

Source: Central Bank of Chile. View extended series Graph 2: Nominal loans by type of debtor (2) (annual basis, percentage)

-40

-20

0

20

40

0

4

8

12

16


commercial mortgageconsumer total

foreign trade

Source: Central Bank of Chile based on individual balance sheets reported by the Superintendence of Banks and Financial Institutions (SBIF). View extended series

Graph 3: Monetary aggregates (3) (annual basis, percentage)

0

5

10

15


M1 M2 M3M1 M2 M3

Source: Central Bank of Chile. View extended series

http://si3.bcentral.cl/GraficosHch/default.aspx?codGrafico=GRAF_ESMO_COLTIPDEU

http://si3.bcentral.cl/GraficosHch/default.aspx?codGrafico=GRAF_ESMO_COLTIPDEU

http://si3.bcentral.cl/GraficosHch/default.aspx?codGrafico=GRAF_ESMO_COLTIPDEU&Idioma=en-US

http://si3.bcentral.cl/GraficosHch/default.aspx?codGrafico=GRAF_ESMO_COLTIPDEU&Idioma=en-US

Central Bank of Chi le – Ju ly 2019

Annex

1.- Interest rate and volume of new business by type of debtor (1)

(rates on an annual basis 360 days, percentage) Consumer ($) Commercial ($) Foreign trade (US$) Mortgage (UF)

0

7

14

21

28

35


overdraft credit card installment creditinstallment credit revolving creditconsumer

0

7

14

21

28

35


commercial overdreft credit

credit card and others installment credit

0.0

1.5

3.0

4.5

6.0


foreign trade import export

0.0

2.0

4.0

6.0

8.0


Source: Central Bank of Chile.

Monthly volume of new business, (billions of pesos)

Consumer ($) Commercial ($) Foreign trade (US$) Mortgage (UF)

0

500

1000

1500

2000

2500


revolving credit credit card installment creditoverdraft installment creditconsumer

0

1000

2000

3000

4000

5000

6000

7000


overdreft credit credit card and others

installment credit commercial

0.0

200.0

400.0

600.0

800.0

1000.0

1200.0

1400.0


export import foreign trade

0.0

100.0

200.0

300.0

400.0

500.0

600.0


Incidence in average interest rate (rates on an annual basis 360 days, percentage points) Consumer ($) Commercial ($) Foreign trade (US$)

0

5

10

15

20

25

30


revolving credit credit card installment credit

overdraft installment credit

consumer average

0

1

2

3

4

5

6

7

8

9

10


overdraft revolving credit

revolving credit commercial average

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0


export import foreign trade average



Interest rate and volume of new business of deposits by maturity (rates on an annual basis 360 days, percentage)s, billions of pesos)

30 to 89 days ($) 90 days to 1 year ($) 1 to 3 years ($) More than 3 years ($)

0.0

4000.0

8000.0

12000.0

16000.0

20000.0

0

1

2

3

4

5

Jul.17 Nov.17 Mar.18 Jul.18 Nov.18 Mar.19 Jul.19 0.0

2000.0

4000.0

6000.0

8000.0

10000.0

0

1

2

3

4

5


500.0

1000.0

1500.0

2000.0

2500.0

0

1

2

3

4

5


100.0

200.0

300.0

400.0

500.0

0

1

2

3

4

5



2.- Nominal loans by type of debtor (2) (annual and monthly variation, percentage) Consumer Commercial Foreign trade Mortgage

-1.8

-0.9

0.0

0.9

1.8

4

8

12

16

20

Jul.17 Nov.17 Mar.18 Jul.18 Nov.18 Mar.19 Jul.19 -2.0

-1.0

0.0

1.0

2.0

0

4

8

12

16

Jul.17 Nov.17 Mar.18 Jul.18 Nov.18 Mar.19 Jul.19 -12.0

-6.0

0.0

6.0

12.0

-25

-15

-5

5

15

25


0.0

0.5

1.0

1.5

6

10

14

18


Source: Central Bank of Chile based on individual balance sheets reported by the Superintendency of Banks and Financial Institutions (SBIF).

3.- Monetary aggregates and its components (3) (contribution to annual variation, percentage) M1 M2 M3

-4

0

4

8

12

16


currency in circulation current account depositsother checkable deposits M1

-4

0

4

8

12

16


M1 time depositssavings deposits mutual funds in M2 (net value)cooperatives in M2 (net value) M2

-4

0

4

8

12

16


Central Bank instruments M2foreign currency deposits treasury bondsmortgage bonds commercial paperscorporate bonds mutual funds in M3 (net value)M3



Notes: (1) Interest rates

Weighted average effective interest rates of the operations carried out by commercial banks during a month in the Metropolitan Region.

The interest rates ($) are expressed on a 360 days basis using the conversion of simple interest. Details regarding shares by maturity and currency of the different types of interest rates are available

in:”Series de indicadores (Excel), hoja resumen“. The definition of each product and details regarding their share are available in the following document: ”Estadísticas de Tasas de Interés del Sistema

Bancario”, (E. Arraño, P. Filippi, C. Vásquez, “Serie de Estudios Económicos Estadísticos, N° 113, Banco Central de Chile, julio 2015”). Discontinuous graphs imply that no operations were performed the

corresponding month.

(2) Loans

Balance sheets in Chilean Pesos at the end of the last working day of each month. The corresponding information is obtained from the individual balance sheets of each commercial bank. That is, it does

not take into consideration the operations of subsidiaries and branches abroad. Preliminary data reported for the last two periods. For more information, see: ”Estadísticas de Colocaciones“ (E. Arraño and

B. Velásquez, “Serie de Estudios Económicos Estadísticos, N° 92, Banco Central de Chile, julio 2012”).

(3) Monetary Aggregates Monthly averages calculated on the basis of information provided by commercial banks, the Superintendency of Banks and Financial Institutions (SBIF), Superintendency of Pensions (SP), Superintendency

of Securities and Insurance (SVS) and the General Treasury of the Republic of Chile. Preliminary data reported for the last three periods. For more information, see: ”Agregados Monetarios: Nuevas

Definiciones”, (E. Arraño, “Serie de Estudios Económicos Estadísticos, N°53, Banco Central de Chile, mayo 2006”). As a result of the incorporation of new sources of information, the M2 and M3 series

published in October 2017 have been revised since January 2005 to date due to the update of the "Time Deposit (Dp)". In addition, the series of "Deposits in Current Account (D1)" and "Deposits and

Savings on Demand (Dv + Ahv) were reviewed.

This document has been prepared by the Statistics Division of the Central Bank of Chile

Monthly Report July 2019 12 30 Monetary and Financial ...

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