That is liquidity that you take out of the market. And in addition to that, we have a significant increase in interest rates, so the opportunity cost for the people who have excess deposits increases from 0.25% to almost 8%. So the composition and general terms explained for that. What we expect is that the figures are going to come back, not to pre-pandemic levels but something between the very high temporary levels and pre-pandemic levels promoted for our digitalization, our transactional capabilities. What role play Yape in all of this, we have measured. And when you digitalize money, in instead of going to the bank and take out the bills, you let the money in the bank and you make your payments only with electronic transfers. And the average figure that we have identified is that around, we can maintain 25% or 20% of the average transactional volume of our client as an additional transactional deposits.
So it’s a significant and valuable contribution. We measure that to measure the performance of Yape as a whole.
Juan Recalde : Helpful. Thank you for the comment.
Operator: Our next question comes from . Please go ahead.
Unidentified Analyst: Yes, good morning, gentlemen. I have three questions, just going to go one by one. The first one regarding loan growth. So you said your guidance is for structural loan growth of 6% to 10%. But of course, that — what I’m interested in is total loan growth which I would guess would be around 0% or 1% because Reactiva announced 7%, I think, of your total loans. So implicitly, you believe that Reactiva loans would be fully repaid. So that’s structural of 6% to 10%, let’s call it, 7.5%. Once Reactiva is repaid is more or less zero. Is that the correct assumption or no?
Cesar Rivera: Yeah, it is a reasonable assumption. But as we stated, the impact of Reactiva in the P&L is very marginal.
Gianfranco Ferrari : Yeah. This is Gianfranco. So your assumption is correct. So basically, it will be very flattish in terms of total loans. As Cesar mentioned, Reactiva loans have basically no margin. So the impact on margin is completely different.
Unidentified Analyst: Okay. Okay. Good. So that was actually my next question regarding the margin. So if I look at you again, your guidance, you’re assuming a pretty significant NIM expansion, and you said that Reactiva impact of that, if anything, it’s margin accretive because these are very thin margin loans. But I guess how much of that NIM expansion that you are assuming is coming from the mix shift to retail, and we spoke about within retail, you’re going to hire Pyme and things like that. So how much of that is structural, which mean by like mix shift? And how much of that is still from the interest rate — delayed impact of interest rate increases?
Cesar Rivera: I think the direct answer is that the rates are a significant contribution because the average rates of 2023 we expect are going to be higher than the average rate of 2022, even though the trend is different. During ’22 was an up target trend. In 2023, it’s going to be at some point a downward trend. But the average of the year is going to be higher. So this is going to be a key component of the expansion of the NIM. And the second factor, less significant because it’s more gradual is the shift in the portfolio composition as you mentioned.
