Private sector loans increase 12.5pc as banks cut lending to government
By Gladys chepkemoi - 2023-01-23 19:43:07 - [General]
Lending to the private sector grew by 12.5 percent in the 12 months to December 2022 compared to the growth of 8.6 percent a year earlier, helped by banks cutting back their lending to the government in the period.
New credit data provided by the National Treasury shows that banks pumped in an additional Sh380.4 billion in loans to private borrowers last year, taking the total outstanding credit to the private sector to Sh3.43 trillion by the end of December.
In 2021, they raised the credit volume by Sh241.9 billion to Sh3.05 trillion.
The higher growth in private sector credit last year reflected the continued recovery of the economy from the ravages of the Covid-19 pandemic that caused a recession in 2020, even though this recovery was tempered by the rising inflation as a result of the Russia-Ukraine war which started in February 2022.
share on
Kindly Login or Register to comment and like and earn
Comments (0)
Others are reading
You should be compassionate and forgiving When I am afraid I put my trust in God Five things successful people do before 8am Success is something you attract by the person you become Christian Ronaldo threatens to break word history ever been made in sport word The most common Beaches in Yimbo West Ward in Bondo sub county The only dispensary in Bunyala south ward in Busia County Do the right thing when it’s hard If you don’t love someone neither use nor take things from them And a number of nations will be joined to the Lord in that day, and will become my people; and I will be living among you, and you will see that the Lord of armies has sent me to you.