…instead of the dollar.
Here’s a chart showing the number of bank accounts per month in Peru. It shows the growth in “bancarización” (as they say in the Spanish lingo)and a system that’s expanding with its economy. But it also shows how much Peruvians are beginning to trust their own currency more and not relying on the fallback of ages, the US Dollar, in order to do their money business.
Digging a little deeper and noting just one of the account sub-sectors, we see that in the timescale above (Jan 09 to date) weve seen around 200,000 savings accounts in dollars added…but 5.2m savings accounts in Soles. And in other areas we note that for the first time ever there are more mortgages in Peru in local currency, (the Nuevo Sol, or PEN in market-speak) than the dollar, the spilt now 51% to 49% approx. Another example were the dollar has always ruled the roost is car loans, but even there we see a trend change as loans to buy cars were done 91% in dollars in 2007, now its 69%.
All data from the Peru banking transparency people, Asbanc