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Banking

Peru Bank Deposits Hit Record-High $15.375 Bln Oct 2005

Peru's bank deposits hit record-high $15.375 bln (13.053 bln euro) in October 2005, the national banking association Asbanc said on November 18, 2005.

The October 2005 bank deposits registered a 0.13 pct month-on-month increase and a 10.22 pct year-on-year increase.

The increase in deposits reflected the improved confidence of people and companies in the banking system, Asbanc pointed out. The growth in deposits was backed by the attractive interest rates offered in an environment of strong competition among the financial institutions operating in the country.

Compared to September 2005 Peru saw an increase in term-deposits by $110 mln (93 mln euro) and an increase in demand deposits by $13 mln (11 mln euro), while savings deposits decreased by $103 mln (87 mln euro).

The dollarisation rate of deposits stood at 65.19 pct in October 2005, up by 0.36 percentage points from September 2005 and down by 2.21 percentage points from October 2004.

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