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Business, individual credit increases by N$500 million

Business, individual credit increases by N$500 million

Private sector credit increased by N$505.3 million in August, bringing the cumulative credit outstanding to N$116.7 billion.

On a year-on-year basis, private credit sector credit grew by 11.2% from a relatively low base a year ago, data from the Bank of Namibia shows.

On a 12-month cumulative basis N$4.79 billion worth of credit was extended to the private sector. Corporates and individuals took up N$3.52 billion and N$1.26 billion respectively.

Credit extended to individuals grew by 0.5% monthly and 2.1% annually to N$62.91 billion in August from N$61.65 billion a year ago, attributed to the decline in lower demand in all the credit categories but installment and leasing sales.

Credit extension to corporates grew by 0.3% monthly and 8.3% annually in August, bringing the cumulative corporate credit outstanding to N$46.23 billion, largely ascribed to the rising demand for overdraft credit and other loans and advances by corporations in the mining and services sector.


About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

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