Credit was the great engine behind the surge in consumption Argentina saw in late 2024 and early 2025. Since then, Javier Milei’s government hasn’t seen any significant improvement in either credit or consumption. Peso loans fell 1% month-on-month and 1.3% year-on-year, according to estimates by First Capital Group based on Central Bank data. Breaking lending down by category, the firm found that commercial loans fell 0.3% month-on-month and 1% year-on-year. Something similar is happening with secured loans, which fell 1.7% month-on-month in real terms and 6.7% compared with the same month last year.