The provisional data on monetary aggregates at the end of the third quarter of 2019 broadly reflected considerable moderation in the growth of money supply, consistent with the monetary policy stance.
The annual growth in broad money supply (M2+) slowed from 24.09 percent a year ago to 16.32 percent in quarter three of 2019.
The slowdown in the growth of M2+ during the review quarter was largely reflected in decreases in the growth of demand deposits, and savings and time deposits.
The other components of M2+, comprising currency in circulation and foreign currency deposits, however, showed increased growth in quarter three of 2019, relative to that of the previous year.
Commercial banks’ credit to the private sector has continued to improve. Annual growth in private sector credit was 14.0 percent in October 2019, compared with 11.4 percent for the same period of 2018.
In real terms, private sector credit expanded by 5.9 percent compared with 1.7 percent over the same comparative period.
The latest credit conditions survey conducted by the Bank in October 2019 pointed to an ease in the credit stance on loans to households. However, credit stance on loans to enterprises tightened, reflecting continuous efforts by the commercial banks to safeguard the quality of their loan portfolio through improved due diligence and credit risk management