Credit to the private sector

The credit inheritance: the stock of loans to the private sector was $17.16 trillion on 30 November 2023 and is $140.72 trillion on 31 July 2026 — nominally ×8.20, but the CPI rose ×4.29 over the same stretch, so in real terms the stock nearly doubles: +91.1%. ⚠️ This is the axis where the arc changes the reading the most: the year-on-year figure this axis publishes reads as if credit were standing still, and against the inheritance it is 91% higher. ⛔ The arc is NOT expressed in nominal pesos: multiplying by 8 in an economy coming off 12.8% monthly inflation says nothing, and it is the same reason credit never became a Dashboard sparkline. ⛔ AND THE ARC CLOSES IN JULY ON PURPOSE, even though the axis publishes a more recent stock: the denominator is the CPI accumulated over the stretch, and the latest published CPI is July's. Against a CPI that does not yet cover August, the August stock would give a higher arc, and that difference is not growth: it is inflation left undeflated.6%, and that difference is not growth: it is inflation left undeflated. It moves when the August CPI is out, not before. estim · Nov 2023