Finally, the wider aggregate in pesos (means of payment plus time deposits, or M3) is expected to reach an annual growth rate of 14.7 percent by year-end. In spite of persistent volatility in international markets, domestic demand for money has recovered as from the second half of November. In fact, M2 grew by 1.4 percent throughout November, whereas M3 increased by 0.9 percent.
Bank funding to enterprises and households continues to grow, although at a lower pace, against a background of limited credit risk. Loans to the private sector in pesos were expected to grow by about 25 percent in 2008, and account for 12 percent of GDP, anticipating a considerable potential for growth in years to come.