Growth in credit extended to the private sector remains subdued, decreasing by N$337.6 million in March, causing monthly growth to revert into negative territory for the first time since September 2020, according to latest numbers by the Bank of Namibia.
This brings the cumulative credit outstanding to N$105.3 billion. The rolling 12-month private sector credit issuance is down 71.7% from the N$5.68 billion cumulative issuance as at the end of March 2020, with individuals taking up most (94.5%) of the credit extended over the past 12 months.
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