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BCCh Q2 Survey Points to Credit Demand Weakening

CHILE
  • BCCh has published its Q2 credit survey, with the central bank noting that the conditions under which banks offer credit do not show significant changes compared to Q1. However, credit demand is perceived to be weaker in most areas, except for large companies and housing, which are perceived to be stable. Notably, no banks reported stronger demand for consumer loans in Q2 (vs. 25% in Q1), although the proportion of banks reporting weaker demand also decreased from 42% to 25%. Meanwhile, the proportion of banks perceiving weaker demand for housing loans decreased from 46% to 9%.
    • A summary of the credit survey can be found on the BCCh website here.
  • CLP is trading on the backfoot, as markets reopen from a holiday yesterday, amidst a further slide in copper prices and a deterioration in risk sentiment. Copper is down another 0.9% today, taking losses this week to almost 4%. USDCLP is currently 1.1% higher on the day above 919, narrowing the gap to initial resistance at 929.21, the 50-day EMA.
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