Private credit growth lowest since 2003

Jo-Maré Duddy – Credit extended by local commercial banks to the private sector (PSCE) grew by 1.5% year-on-year in September.
Commenting on the latest stats released by the Bank of Namibia (BoN), Cirrus Securities says this growth is the lowest on their records dating back to 2003.
In September 2019, PSCE growth was 6.2% year-on-year (y/y).
Credit extended to households in September grew by 5%, while credit extended to businesses grew by -2.2% y/y.
At the end of last month, the private sector – households and businesses - owed banks nearly N$102.9 billion in total, up N$1.48 billion from a year ago.
Read the full report Monday in Market Watch.