The number of people with access to credit in Paraguay has nearly doubled in three years, according to a report from the Central Bank of Paraguay (BCP) released this week. Between 2023 and 2026, the number of individuals with at least one loan jumped from approximately 1 million to 2.3 million, a growth of 122%.
The document was a response to a recent alert from the International Monetary Fund (IMF) regarding the increase in consumer credit in the country. The BCP argues that the expansion is the result of greater financial inclusion and does not, for now, represent a risk to the system's stability. The monetary authority attributes the phenomenon mainly to the increased use of credit cards, driven by benefits such as cashback, discounts, and interest-free installment plans.
The central bank highlighted that this growth is occurring in a favorable macroeconomic environment, with price stability, solid economic performance – with average growth of 5.5% – and low levels of delinquency, around 2.7%. The report states that the credit expansion reflects the incorporation of more families into the formal financial system, allowing access to financing under transparent conditions.
While dismissing immediate risks, the BCP stated that it continues to closely monitor the evolution of consumer credit and its potential implications for the health of the Paraguayan financial system.