Private lending grows, but Argentina’s banks still rely on government securities
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Argentina’s banks are earning more from private lending, although government securities remain the larger source of operating income. According to the Central Bank of Argentina, private-sector lending accounted for 17% of that income in July 2026, up from 3% in January. Government securities accounted for 56% in July, leaving a substantial gap between the two sources.
The central bank’s figures also put private credit at 12.5% of gross domestic product in 2026, compared with 5.3% in December 2023. Yet Marcelo de Gruttola of Moody’s Ratings says banks have tightened lending standards and loan demand has declined. Growth in the figures therefore sits alongside his account of more cautious lending.
Juan José Vázquez of Cohen recommends attention to liquidity. The central bank increased reserve requirements in August 2025, and those requirements use government securities. Banks also provide funding to the Argentine Treasury. These links help describe why public finance remains part of the banking picture even as private credit expands.