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.