Private sector credit up 22% in Sept.

The Central Bank said this week that the year-on-year growth of credit granted to the private sector by commercial banks increased further to 22.2% in September 2015 from 21.3% in the previous month. 

As per the Quarterly Survey of Commercial Banks’ Loans and Advances to the Private Sector, the Services and Industry sectors witnessed the highest intake of credit, recording year-on-year increases of 40.6% and 24.5%, respectively.

The Central Bank also said Broad money (M2b) grew by 16.0% (y-o-y) in September 2015 compared to 16.8% in the previous month driven by the expansion of credit extended to both private and public sectors by the banking system.