The devaluation of December 13 reduced the value of these assets to USD 71,000M, equivalent to more than 15 percentage points of GDP. The patrimonial impact and the consequent transfer of wealth between sectors affects spending decisions.
The drop in real wages (improvement in the real exchange rate) explains why consumption falls more. This impact is amplified by its effects on deposits and credits. Since the devaluation, private deposits in pesos grew $14.2b (50.6%) while credit to the private sector only grew $2.9b; differential being allocated to the purchase of public securities.