CREDIT DEMAND SLOWS
Private sector credit extension increased by 5,2% year-on-year after rising by 6,2% in April and against the market consensus of a rise to 6,4%. Households remained the main driver of credit growth, with household credit up. Corporate credit demand fell. Credit growth is expected to improve further over coming months, with household demand likely to drive a moderate improvement in overall credit extension.
Growth in M3 and bank credit extension