Economy January 18, 2016 | 10:48 am

Buy car in DR

Bank loans climb to US$1.95B; drought hobbles agro

Santo Domingo.- With agroonly the exception, credit in most sectors directly contributed to their expanseand dynamism, with greatest impact on the 7.0% growth during 2015, LatAm´s highest,the Dominican Republic Banks Association (ABA) said Sunday.

It said the 2015 loanportfolio grew to RD$87.9 billion (US$1.95 billion), with RD$6.7 billion allocatedto manufacturing, RD$6.1 billion to the hotel sector, RD$5.7 billion to micros,RD$1.0 billion to construction and RD$0.6 billion to mining, among others.

The ABA, headed by JoséManuel Lopez Valdes, said among the activities which demand goods and services fromproductive sectors figure consumer loans (credit cards and others), at RD$33.1billion, retailers (RD$27.8 billion) and homeownership (RD$18.1 billion).

"In one year wecan see that the growth of the loan portfolio may be concentrated in sectorswhich at that time are driving the growth of the economy, and in a later time,the orientation may vary, channeling resources to a greater extent, to otheractivities responsible for economic stimulus," the banker said.

Lopez said the agrosector´s RD$2.8 billion credit in 2015 resulted from what he affirms were negativefactors such as the bans on Dominican horticultural products by Haiti and theUS, and the drought which hobbled that industry´s performance.

He stressed the growthof credit in real terms for micro businesses (31.0%), consumer goods (16.8%)and homeownership (12.8%).

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