Local currency deposits up 2.31% in September

- Friday, October 21, 2011

Local currency deposits up 2.31% in September

Deposits in soles increased to 64.4bn (US$23.6bn) in September, 2.31% higher over August, according to Peruvian banking association Asbanc.

The monthly growth was mainly due to an increase in time deposits, which proved to be the most stable investment instrument. In general, numbers in the Peruvian banking sector have been consistently increasing over the past few months on the back of the country's fast growing economy.

Local currency deposits in the month expanded 16.9% compared to September 2010.

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In September, foreign currency deposits showed a 2.95% decrease compared to the previous month, while rising 12% year-on-year.

Total deposits in the banking system added up to 123bn soles at end-September.