translated from Spanish: In June, dollar consumption with credit cards grew by 42%

Credit card transactions recorded a balance of $640.930 billion in June. This represented an 8.3 percent increase from last month, amid the low financial costs and the validity of the Now 12 program, a private study said this Friday.

According to the analysis by First Capital Group, based on central bank data released this Friday, the figure is about $49,277 million above last May. With respect to dollar consumption, the publication indicates that credit cards recorded “a strong rise” from the previous month, of 42.7 per cent. However, the work clarified that there was a year-on-year drop of 62.4 per cent.
“In the first six months of the year, the dollar credit card balance fell 52.8%, although it has a 12% hike in the last three months,” he said.

For Guillermo Barbero, partner of First Capital Group, “some post-pandemic travel offerings and the need to incorporate technology for remote work may be the explanation for the revival of the use of the line in foreign currency.” “Year-on-year growth reached 59.6 percent, accelerating from the previous month,” he said, and assessed that “in the semester it rose was 11.9 percent.” In that regard, it indicated that throughout the second quarter it experienced an increase equivalent to 7.3 per cent.
“Credit card operations recorded a balance of $640.930 billion, which means an 8.3 percent up from last month’s close,” the report said, referring to June’s issues.

In this regard, Barbero considered: “This line has been chosen by families to finance consumption needs, mainly because of their flexibility and the decrease in financial costs available to the monetary authority.” “In addition, the validity of the “Now 12″ keeps the stock growing,” he pointed. Let us remember that the national government extended until 31 December the validity of the Now 12 programme, and incorporated into transactions carried out through credit cards issued by non-financial institutions. The program includes white-line products; apparel; jewelry and watchmaking; footwear and leather goods; materials and tools for construction; furniture; bicycles; bikes up to a value of $180,000. It also includes tourism within the national territory; mattresses; national print books and prescription glasses, purchased in optics, up to $10,000.

The program also reaches library articles; toys and board games; 4G cell phones; tyres: vehicle to compressed natural gas (CNG) conversion kit; automotive and motorcycle parts: Musical instruments; computers, notebooks and tablets; lighting fixtures; TVs; perfumery and small appliances. Finally, it includes sports preparation services and gyms; medical equipment; machinery and tools; food and medicine.
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Original source in Spanish