Argentina commercial credit delinquency quintuples in two years

Commercial credit delinquency in Argentina has increased fivefold in less than two years, rising from 0.7% in November 2024 to 3.7% by July 2026, according to Central Bank (BCRA) data.

Small and medium-sized enterprises (SMEs) are the most affected. Delinquency rates for loans under $5 million reach 9.3%, while larger loans show lower rates. The number of legal entities in default has grown from 16,200 to 37,500 during this period. Sectoral analysis shows the highest debt levels in construction (7.7%) and commerce (6.5%), with the textile industry recording a 14.6% delinquency rate. Conversely, the mining, energy, and financial intermediation sectors show minimal irregularity.

Economic commentary suggests this rise in defaults is linked to a monetary model that restricts money creation and depresses domestic activity. Critics argue that the gap between primary money emission and inflation contributes to the credit crisis, noting that sectors like construction and industry are performing below 2023 levels.