BCRP Study Notes: Liquidity and Credit - May 2026

BCRP STUDY NOTES
No. 44 – June 25, 2026
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LIQUIDITY AND CREDIT: MAY 20261
I. PRIVATE SECTOR CREDIT2

1. Private sector credit accelerated its year-on-year growth rate in May,
   rising from 8.6 percent in April to 9.1 percent, the highest annual rate since March 2021. This result corresponds to a monthly growth of 1.6 percent. BCRPData/NELYC202605G1
2. The year-on-year growth of credit granted to individuals stood at 8.9 percent in
   May (8.2 percent in the previous month). Meanwhile, credit to companies increased by
   9.2 percent year-on-year, compared to the 8.9 percent increase recorded in April.
3. By currency, the year-on-year growth rate of private sector credit in soles was
   7.8 percent in May, explained by the increase in credit to companies (6.6 percent)
   and credit to individuals (9.0 percent). On the other hand, private sector credit in foreign currency grew by 13.9 percent year-on-year, explained by both the increase in credit to companies (14.6 percent) and credit to individuals (7.6 percent). 1 Prepared by Balila Acurio, John Aguirre, Milagros Cabrera, Elmo Calatayud, Marcelino Cueto, Alexander Gómez, Juan Carlos Otoya, Renzo Pardo, Sebastián Paz, Daniel Solano and reviewed by Jorge Pozo, Carlos Montoro and Adrián Armas. 2 Foreign currency balances, unless otherwise specified, are valued at the constant exchange rate of December 2025 (S/ 3.36 per US dollar), in order to isolate the effect of exchange rate valuation on foreign currency balances. Private sector credit comprises the total placements and investments of liquidity-creating institutions towards non-financial companies and households domiciled in the country. PRIVATE SECTOR CREDIT Annual variation rates (%)
   1.9 2.2
   3.8
   4.4
   4.9
   5.6 5.9
   6.6
   7.3 7.1 7.2
   8.6
   9.1
   0
   2
   4
   6
   8
   10
   May25 Jun25 Jul25 Ago25 Set25 Oct25 Nov25 Dic25 Ene26 Feb26 Mar26 Abr26 May26

BCRP STUDY NOTES
No. 44 – June 25, 2026
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BCRPData/NELYC202605C1
BCRPData/NELYC202605C2
BCRPData/NELYC202605C3
TOTAL PRIVATE SECTOR CREDIT, BY TYPE OF PLACEMENT 1/ Millions of S/ May-26 Mar-26/ Mar-25 Abr-26/ Abr-25 May-26/ May-25 May-26/ Abr-26 Credit to companies 265,052 6.9 8.9 9.2 1.9 Corporate and large enterprise 146,958 5.4 8.2 8.1 2.5 Medium-sized enterprises 20,052 5.1 8.9 13.8 4.5 Small and micro-enterprise 98,042 9.5 9.8 10.0 0.6 Credit to individuals 189,500 7.6 8.2 8.9 1.1 Consumption 112,575 8.0 9.0 9.9 1.4 Vehicle 3,603 5.2 6.5 7.5 1.3 Credit cards 18,743 5.5 7.4 8.0 0.8 Other 90,228 8.6 9.4 10.4 1.5 Mortgage 76,925 7.2 7.1 7.5 0.7 Mivivienda 12,144 3.3 3.5 3.6 0.3 TOTAL 454,552 7.2 8.6 9.1 1.6 1/ Dollar balances are valued at constant exchange rate (S/ 3.36 per USD). Growth rates (%) PRIVATE SECTOR CREDIT IN NATIONAL CURRENCY, BY TYPE OF PLACEMENT Millions of S/ May-26 Mar-26/ Mar-25 Abr-26/ Abr-25 May-26/ May-25 May-26/ Abr-26 Credit to companies 174,466 4.0 6.4 6.6 1.2 Corporate and large enterprise 68,585 -2.2 2.5 1.4 1.2 Medium-sized enterprises 12,457 0.5 5.8 9.1 3.3 Small and micro-enterprise 93,424 9.2 9.6 10.5 1.0 Credit to individuals 178,956 7.7 8.3 9.0 1.2 Consumption 106,143 7.6 8.6 9.5 1.4 Vehicle 3,327 6.0 7.2 8.2 1.3 Credit cards 16,412 5.0 7.0 7.6 0.9 Other 86,404 8.2 8.9 9.9 1.5 Mortgage 72,813 7.9 7.9 8.2 0.8 Mivivienda 12,139 3.4 3.6 3.7 0.3 TOTAL 353,422 5.9 7.4 7.8 1.2 Growth rates (%) PRIVATE SECTOR CREDIT IN FOREIGN CURRENCY, BY TYPE OF PLACEMENT Millions of USD Growth rates (%) May-26 Mar-26/ Mar-25 Abr-26/ Abr-25 May-26/ May-25 May-26/ Abr-26 Credit to companies 26,960 13.1 14.0 14.6 3.3 Corporate and large enterprise 23,325 13.0 14.0 14.8 3.7 Medium-sized enterprises 2,260 13.9 14.5 22.4 6.6 Small and micro-enterprise 1,374 13.8 13.8 1.4 -7.6 Credit to individuals 3,138 5.8 7.0 7.6 0.7 Consumption 1,914 14.2 15.9 16.5 1.1 Vehicle 82 -3.7 -1.4 0.4 1.6 Credit cards 694 9.2 10.2 10.5 0.3 Other 1,138 19.2 21.3 21.9 1.6 Mortgage 1,224 -4.9 -4.3 -3.8 0.0 TOTAL 30,098 12.3 13.2 13.9 3.0

BCRP STUDY NOTES
No. 44 – June 25, 2026
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I.1 CREDIT TO COMPANIES
4. The year-on-year variation rate of credit to companies rose from 8.9 percent in April to
9.2 percent in May, which corresponds to a monthly increase of 1.9 percent.
5. The balance of credit in the corporate and large enterprise segment increased by 8.1 percent
year-on-year, which corresponds to a monthly increase of 2.5 percent. This category represents 55.4 percent of the credit balance of Deposit-creating Societies granted to companies.
6. On the other hand, the credit balance to medium-sized companies had a growth rate
year-on-year of 13.8 percent in May, which corresponds to a monthly increase of 4.5 percent. This is explained by the monthly increase in credit both in soles and in dollars (3.3 and 6.6 percent, respectively).
7. Regarding credit to small and micro-enterprises, the year-on-year increase rate
rose to 10.0 percent, which corresponds to a monthly growth of 0.6 percent. This is explained by the increase in monthly credit in soles (1.0 percent) partially offset by a reduction in monthly credit in dollars (7.6 percent) BCRPData/NELYC202605C4 CREDIT TO THE COMPANY SEGMENT, BY CURRENCY AND COMPANY SIZE May-26 Mar-26/ Mar-25 Abr-26/ Abr-25 May-26/ May-25 May-26/ Abr-26 Corporate and large enterprise 146,958 5.4 8.2 8.1 2.5 N.C. 68,585 -2.2 2.5 1.4 1.2 F.C. (USD Millions) 23,325 13.0 14.0 14.8 3.7 Dollarization (%) 53.3 53.7 52.7 53.3 53.3 Medium-sized enterprises 20,052 5.1 8.9 13.8 4.5 N.C. 12,457 0.5 5.8 9.1 3.3 F.C. (USD Millions) 2,260 13.9 14.5 22.4 6.6 Dollarization (%) 37.9 37.6 37.1 37.9 37.9 Small and micro-enterprise 98,042 9.5 9.8 10.0 0.6 N.C. 93,424 9.2 9.6 10.5 1.0 F.C. (USD Millions) 1,374 13.8 13.8 1.4 -7.6 Dollarization (%) 4.7 4.9 5.1 4.7 4.7 TOTAL 265,052 6.9 8.9 9.2 1.9 N.C. 174,466 4.0 6.4 6.6 1.2 F.C. (USD Millions) 26,960 13.1 14.0 14.6 3.3 Dollarization (%) 34.2 34.0 33.7 34.2 34.2 Millions of S/ Growth rates (%) Note: The criteria for classifying corporate credit by credit segment are based on the SBS. Through Resolution No. 02368-2023 of July 14, 2023, the SBS modified the definition of corporate credit by segment. In parentheses, information valid until September 2024. Corporate: Annual sales exceeding S/ 200 million (idem). Large enterprises: Annual sales between S/ 20 million and S/ 200 million (Annual sales between S/ 20 million and S/ 200 million; or maintain capital market issuances in the last year). Medium-sized enterprises: Annual sales between S/ 5 million and S/ 20 million (Total indebtedness exceeding S/ 300 thousand or annual sales not exceeding S/ 20 million). Small enterprises: Annual sales less than S/ 5 million and total indebtedness greater than S/ 20 thousand (Total indebtedness between S/ 20 thousand and S/ 300 thousand). Micro-enterprises: Annual sales less than S/ 5 million and total indebtedness less than S/ 20 thousand (Total indebtedness not exceeding S/ 20 thousand).

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No. 44 – June 25, 2026
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I.2 CREDIT TO INDIVIDUALS
8. Credit to individuals registered a year-on-year growth rate of 8.9 percent in
May, which corresponds to a monthly increase of 1.1 percent. Within this segment, consumption credit registered a year-on-year increase of 9.9 percent, which corresponds to a monthly growth of 1.4 percent. BCRPData/NELYC202605G2
9. Within the consumption segment, vehicle credit presented a year-on-year growth
of 7.5 percent (6.5 percent in April) and a dollarization ratio of 7.7 percent. The credits associated with cards increased by 0.8 percent at the monthly level and registered a dollarization ratio of 12.4 percent.
10. On the other hand, the year-on-year variation rate of other consumption credits
increased to 10.4 percent in May.
11. Regarding mortgage credit, the year-on-year growth rate stood at 7.5 percent
in May. The dollarization coefficient of these credits decreased to 5.3 percent in the month. BCRPData/NELYC202605G3
12. With information as of June 24, 2026, and in relation to June of last year, interest
rates have shown mixed behavior. On the one hand, the reference rate stood at 4.25 percent in the month, registering an accumulated reduction of 0.25 percentage points in the last 12 months. Likewise, reflecting the transmission of monetary policy actions, the active interest rates associated with credit to the sectors CORPORATE CREDIT Annual variation rates (%) 0.6 2.5 4.6 6.1
7.3 6.9
7.4 7.5 7.4 7.4
8.0
9.0
9.9
0
2
4
6
8
10
May25 Jun25 Jul25 Ago25 Set25 Oct25 Nov25 Dic25 Ene26 Feb26 Mar26 Abr26 May26 MORTGAGE CREDIT Annual variation rates (%)
6.1 6.0
6.3
6.7
6.8
7.0
7.2 7.3 7.4 7.3
7.2 7.1
7.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
May25 Jun25 Jul25 Ago25 Set25 Oct25 Nov25 Dic25 Ene26 Feb26 Mar26 Abr26 May26

BCRP STUDY NOTES
No. 44 – June 25, 2026
5 / 12 corporate, large and small companies decreased (accumulated decreases of
0.08 p.p., 0.48 p.p. and 0.40 p.p. in the last 12 months, respectively). On the other hand,
the rates for credit to micro-enterprises and consumption do not show a decreasing trend, considering that these are determined by other specific factors of each business line, beyond monetary policy. Source: BCRP and SBS BCRPData/NELYC202605C5 Box: Relationship between credit conditions indicators and private sector credit The Central Reserve Bank of Peru (BCRP) quarterly prepares the Credit Conditions Survey (ECC) since the fourth quarter of 2011, with the objective of having timely information on the dynamics of the banking credit market. The survey directs to risk, commercial and finance areas of banks, and collects information perceptions on the current situation and expectations of the supply and demand of credit to the private sector. This information is synthesized in evolutionary indicators of credit conditions.3 The ECC indicators can provide early signals on the dynamics of credit. In this box, its relationship with the quarterly evolution of private sector credit is analyzed, considering both the current situation indicator and the expectations indicator. 3 The indicator fluctuates between 0 and 100. In the case of supply, values above 50 indicate a relaxation of credit conditions, while values below 50 reflect tightening; a value of 50 corresponds to a neutral position. In the case of demand, values above 50 signal an improvement in banks' perceptions regarding the request for credit from their clients, while values below 50 indicate deterioration. ACTIVE INTEREST RATES IN NATIONAL CURRENCY 1/ Variation Dec-19 Dec-20 Dec-23 Dec-24 Jun-25 Dec-25 May-26 Jun-26* Average. since 2010 Jun-26*/ Jun-25 Reference 2.25 0.25 6.75 5.00 4.50 4.25 3.80 -0.25 Interbank 2/ 2.25 0.23 6.86 4.95 4.50 4.24 4.25 4.25 3.81 -0.25 Preferential 3/ 3.26 0.62 7.66 5.19 5.00 4.78 4.60 4.60 4.68 -0.40 TAMN 14.35 12.10 15.88 15.02 15.13 17.06 16.46 16.58 15.64 1.45 FTAMN 18.24 17.55 28.43 27.52 30.28 31.44 31.95 32.34 22.23 2.06 Corporate 3.80 2.51 8.08 5.84 5.77 5.71 5.74 5.69 5.42 -0.08 Large enterprise 6.01 4.60 10.22 8.35 7.75 7.56 7.38 7.27 7.13 -0.48 Medium-sized enterprises 9.28 6.07 13.34 10.30 9.81 9.75 9.78 9.82 10.39 0.01 Small enterprises 18.03 17.23 22.85 19.77 19.82 19.47 19.43 19.42 20.37 -0.40 Micro enterprises 4/ 44.54 22.64 43.85 48.76 55.57 57.75 58.57 58.57 41.97 3.00 Consumption 4/ 43.13 41.47 54.27 55.56 56.33 54.87 57.09 57.09 49.23 0.76 Mortgage 7.00 6.39 9.10 8.21 7.85 7.89 7.85 7.90 8.37 0.05 2/ Corresponds to the period average Historical average since September 2003 for reference and interbank rates. Since September 2010 for the rest. 4/ Corresponds to the financial system average. *Information as of June 24, 2026. Rates (%) 1/ Active rates on an annual basis of operations carried out in the last 30 days in banking companies. 3/ Corporate preferential rate for 90 days

BCRP STUDY NOTES
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Current situation indicator
The demand indicator shows a closer relationship with credit than the supply indicator. The current situation indicator collects the perception of the conditions observed in the last 3 months. In the different credit segments, the contemporary association between perceived demand and the evolution of credit to companies is consistently positive and higher than that of supply. This result is consistent with the nature of the indicators. While supply responds in part to internal risk management criteria—which do not necessarily translate into immediate changes in credit—demand reflects more directly the observed credit activity. In the corporate and large enterprise segment, this difference is clear. The supply indicator presents a correlation close to zero, while the demand indicator reaches 0.37, suggesting that perceptions about clients' credit appetite better accompany the evolution of credit. A similar behavior is observed in medium-sized enterprises. The supply indicator maintains a low correlation, while the demand indicator rises to 0.41, reinforcing the greater relevance of the latter.

In small and micro-enterprises, the relationship is more marked. The demand indicator presents the highest relative correlation among segments, suggesting that, in a more sensitive rubric to the economic cycle, banks' perceptions capture with greater fidelity the dynamics of credit. In the individual segments, the pattern remains, although with less intensity. The demand indicator presents a higher correlation than the supply indicator in all cases, but both are more moderate than in companies. This could be explained because credit to households responds to more heterogeneous and structural factors that are not completely captured by an aggregate indicator. In particular, the coefficients for consumption and mortgage are relatively low (0.27 in both cases). In consumption, decisions depend largely on household income; in mortgage, the long-term nature of financing limits the relationship Supply Demand Supply Demand Corporate and Large Enterprise 0.06 0.37*** 0.31** 0.04 Medium Enterprise 0.01 0.41*** 0.10 0.31** Small and Micro-enterprise 0.22 0.54* 0.22 0.16 Consumption 0.09 0.27 0.30 0.14 Mortgage 0.15 0.27 -0.25* 0.40* *p<0.10, p<0.05, *p<0.01 Source: Own elaboration. Current Situation Indicator Expectations Indicator Correlations with the quarterly growth of private sector credit 1/ 1/ For the current indicator, contemporary correlations are shown; while, for the expectations indicator, the correlations are the leading quarterly growth.

BCRP STUDY NOTES
No. 44 – June 25, 2026
7 / 12 with short-term indicators.
Expectations indicator
The expectations indicator does not present a uniform pattern among segments. This indicator collects perceptions about the next three months, so its relationship with credit growth in the following quarter is analyzed. In the corporate segments, the results are heterogeneous. Unlike the current situation indicator, no consistent pattern is observed between supply and demand, suggesting the need to complement the analysis with other sources of information. In corporate and large enterprise, supply gains relevance. The supply indicator presents a higher correlation with the leading growth of credit, while the demand indicator is almost null. This suggests that banks' expectations about their own financial conditions may be informative in this segment. In medium-sized enterprise, both indicators show lower predictive capacity. If the pattern resembles that of the current situation, the coefficients are lower, indicating a weaker relationship with future credit. In small and micro-enterprises, predictive capacity is moderate. Both indicators present similar coefficients, the demand indicator loses part of the association observed in the contemporary analysis, in line with the higher volatility of this segment. In credit to individuals, the results are mixed. In consumption, the supply indicator presents a higher correlation than the demand indicator (0.30 vs. 0.14), suggesting that the expected financing conditions by banks provide some leading signal. In mortgage credit, demand stands out as a leading indicator. The coefficient of correlation reaches 0.40, consistent with the more stable and longer-term nature of this type of credit, where perceptions about future demand tend to reflect better the subsequent evolution of this segment. Conclusion The current situation demand indicator is the most consistent for following the dynamics of credit. It shows a positive and relatively robust association with the growth of credit in most segments. The expectations indicator provides complementary information, but requires a more cautious reading. Its relationship with future credit is not uniform among segments, so it is recommended to interpret it together with other indicators. Together, the ECC constitutes a useful tool for the timely monitoring of the credit market, complementing quantitative information with qualitative perceptions of financial intermediaries.

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II. LIQUIDITY
13. Private sector liquidity increased by 2.0 percent in May, while its
year-on-year growth rose to 16.4 percent.
BCRPData/NELYC202605G4
14. Liquidity increased by 2.0 percent in the month. By components, an
increase in currency in circulation (1.1 percent), as well as in sight deposits (6.2 percent), time deposits (0.1 percent) and CTS deposits (23.6 percent) was observed. This increase was partially offset by the reduction of savings deposits (1.0 percent).
15. On the one hand, liquidity in soles increased by 2.4 percent in May, which is
explained by the increase in currency in circulation (1.1 percent), sight deposits (8.7 percent), time deposits (1.0 percent) and CTS deposits (25.3 percent); partially compensated by the reduction of savings deposits (1.8 percent). On the other hand, liquidity in foreign currency increased by 0.8 percent in the month due to the increase in sight deposits (2.2 percent), savings deposits (1.2 percent) and CTS deposits (15.3 percent), partially compensated by the decrease in time deposits (1.7 percent). BCRPData/NELYC202605C6 BCRPData/NELYC202605C7 PRIVATE SECTOR LIQUIDITY BY CURRENCIES Annual variation rates (%) 10.3
6.7 6.9
4.9 4.2 4.1
7.5
11.4 12.2
14.9
17.3 17.7 17.5
5.7
12.0
10.1
7.7
10.2 10.7 11.4 10.6 11.5 10.5 10.9
13.4 13.1
0
5
10
15
20
May25 Jun25 Jul25 Ago25 Set25 Oct25 Nov25 Dic25 Ene26 Feb26 Mar26 Abr26 May26 Soles Dollars Total TOTAL PRIVATE SECTOR LIQUIDITY, BY LIABILITY TYPE May-26 Mar-26/ Mar-25 Abr-26/ Abr-25 May-26/ May-25 May-26/ Abr-26 Currency in circulation 99,732 19.2 18.9 18.4 1.1 Private sector deposits 458,433 15.6 16.9 16.5 2.0 Sight deposits 147,528 22.8 24.6 24.0 6.2 Savings deposits 175,152 19.5 19.0 17.8 -1.0 Time deposits 125,321 4.5 7.9 8.3 0.1 CTS deposits 10,432 1.1 0.3 2.7 23.6 TOTAL 572,436 15.6 16.6 16.4 2.0 Memo: Fixed income mutual funds 34,695 20.8 20.7 15.4 -1.7 Millions of S/ Growth rates (%)

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BCRPData/NELYC202605C8
III. DOLLARIZATION
16. The dollarization coefficient of private sector credit stood at 22.2 percent
in May.
BCRPData/NELYC202605C9
PRIVATE SECTOR LIQUIDITY IN NATIONAL CURRENCY, BY LIABILITY TYPE May-26 Mar-26/ Mar-25 Abr-26/ Abr-25 May-26/ May-25 May-26/ Abr-26 Currency in circulation 99,732 19.2 18.9 18.4 1.1 Deposits 315,780 17.4 18.2 17.8 2.5 Sight deposits 94,294 27.5 30.9 29.7 8.7 Savings deposits 129,780 21.8 21.0 19.1 -1.8 Time deposits 82,935 3.9 5.0 6.4 1.0 CTS deposits 8,770 2.2 1.4 3.7 25.3 TOTAL 427,329 17.3 17.7 17.5 2.4 Memo: Fixed income mutual funds 12,897 13.3 13.5 12.4 0.0 Millions of S/ Growth rates (%) PRIVATE SECTOR LIQUIDITY IN FOREIGN CURRENCY, BY LIABILITY TYPE May-26 Mar-26/ Mar-25 Abr-26/ Abr-25 May-26/ May-25 May-26/ Abr-26 Deposits 42,456 11.7 14.0 13.7 0.8 Sight deposits 15,843 15.9 15.3 15.1 2.2 Savings deposits 13,503 13.0 13.2 14.2 1.2 Time deposits 12,615 5.7 14.0 12.3 -1.7 CTS deposits 495 -3.9 -4.6 -2.2 15.3 TOTAL 43,187 10.9 13.4 13.1 0.8 Memo: Fixed income mutual funds 6,488 25.7 25.3 17.3 -2.7 Millions of USD Growth rates (%) DOLLARIZATION COEFFICIENTS OF PRIVATE SECTOR CREDIT 1/ Dec-22 Dec-23 Dec-24 May-25 Dec-25 Mar-26 Apr-26 May-26 Credit to companies 31.0 32.9 31.7 32.6 33.8 34.0 33.7 34.2 Corporate and large enterprise 49.0 51.1 49.4 50.2 52.8 53.7 52.7 53.3 Medium-sized enterprises 23.8 26.9 34.1 35.2 37.9 37.6 37.1 37.9 Small and micro-enterprise 2.4 2.2 4.9 5.1 4.9 4.9 5.1 4.7 Credit to individuals 6.1 5.7 5.7 5.6 5.5 5.6 Consumption 4.9 4.8 5.3 5.4 5.5 5.7 Vehicle 9.8 9.1 8.8 8.2 7.7 7.7 7.6 7.7 Credit cards 10.4 10.6 11.8 12.2 12.1 12.4 12.5 12.4 Other 3.5 3.3 3.7 3.8 4.0 4.2 Mortgage 7.9 7.1 6.4 6.0 5.5 5.4 5.4 5.3 TOTAL 21.3 21.7 20.9 21.3 21.9 22.0 21.9 22.2 Percentages 1/ From October 2024, Resolution No. 02368-2023 enters into force, where the definition of the classification of corporate credit by segment is modified. Due to the change in definition of each segment, various companies have been reclassified between the segments of medium and SME. Likewise, a part of corporate credit could have been reclassified as consumer credit.

BCRP STUDY NOTES
No. 44 – June 25, 2026
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17. Valued at the constant exchange rate of December 2025, dollarization of liquidity
rose from 25.7 percent in April to 25.3 percent in May, and dollarization of deposits decreased from 31.5 to 31.1 percent in the same period. BCRPData/NELYC202605G5
IV. EXTERNAL LIABILITIES OF THE BANKING SECTOR
18. In May, the external liabilities of the banking sector increased by USD 706 million.
By maturity components, short-term liabilities (maturity less than or equal to one year) increased by USD 237 million, and medium and long-term liabilities increased by USD 469 million.
19. For banking companies, the ratio of external liabilities to total credit to the private
sector stands at 12.4 percent in May 2026.