Namibia: Credit Extended to the Private Sector Remains Unchanged At 6.3%

Annual growth in private sector credit extension was 6.3% at the end of March 2019, similar to the level recorded at the end of February 2019.

Meanwhile, growth in total credit extended to businesses tilted up in March 2019 5.5%, following three months of consecutive declines.

According to the Bank of Namibia, this increase was largely explained by an increase in mortgage credit as well as commercial term loans for purposes of property developments during the period under review.

The Bank noted that despite an increase in credit extended to businesses during the month under review, credit extended to individuals declined by the same magnitude resulting in a steady movement in total private sector credit extension growth.

Growth in total credit extended to the household sector decreased modestly to 6.8% at the end of March 2019, compared to 7% at the end of February 2019. According to the Bank, the decline was attributed to a lower uptake of mortgage credit coupled with a persistent contraction in the annual growth of instalment credit during the month under review.

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