Private credit growth lowest since 2003

30 October 2020 | Economics

Jo-Maré Duddy – Credit extended by local commercial banks to the private sector (PSCE) grew by 1.5% year-on-year in September.
Commenting on the latest stats released by the Bank of Namibia (BoN), Cirrus Securities says this growth is the lowest on their records dating back to 2003.
In September 2019, PSCE growth was 6.2% year-on-year (y/y).
Credit extended to households in September grew by 5%, while credit extended to businesses grew by -2.2% y/y.
At the end of last month, the private sector – households and businesses - owed banks nearly N$102.9 billion in total, up N$1.48 billion from a year ago.
Read the full report Monday in Market Watch.

Similar News

 

Okonjo-Iweala closer to making history

19 hours ago | Economics

Key WTO ambassadors have tapped Nigeria's Ngozi Okonjo-Iweala as the best pick to lead the organisation, but she was opposed by the United States. Washington...

No increase in pump prices

1 day - 29 October 2020 | Economics

Fuel prices in Namibia will remain unchanged next month, the ministry of mines and energy said yesterday. Transport is the third biggest item in the...

China grants Zambia debt breather

1 day - 29 October 2020 | Economics

Chris Mfula - Zambia has reached deal to defer debt repayments that were due this month on a loan from the China Development Bank (CDB),...

Health’s books in bad shape

1 day - 29 October 2020 | Economics

Over-expenditure, unauthorised spending, unaccounted vehicles and double payments of invoices to service providers characterise the ministry of health and social services’ books for 2018/19.Between the...

Africa Briefs

1 day - 29 October 2020 | Economics

Nigerian protests spark fuel queuesProtests against police abuses in Nigeria and curfews to curb demonstrations have affected the supply of petroleum products across the country,...

European stock tumble

1 day - 29 October 2020 | Economics

European stock markets tanked yesterday as investors fretted over speculation about the imminent introduction of tighter lockdown measures to combat soaring coronavirus infection rates,...

ECB urges 'bad bank' as toxic loans rise

1 day - 29 October 2020 | Economics

The European Central Bank's supervisory chief has urged the creation of EU-wide “bad bank” to ring-fence toxic loans that threaten to explode in the wake...

Fuel demand hit by fewer leisure trips

1 day - 29 October 2020 | Economics

Brandon Thompson was planning on making an eight-hour drive this year from his home in Iowa to Ann Arbor, Michigan, to see his favourite college...

No change in fuel price

2 days ago - 28 October 2020 | Economics

Fuel prices in Namibia will remain unchanged in November, the ministry of mines and energy said this morning.This means diesel in Walvis Bay will still...

Dead-end debt

2 days ago - 28 October 2020 | Economics

Jo-Maré Duddy – Government will spend about N$1.2 billion more in 2020/21 on interest on its debt than on its entire development budget for Namibia.The...

Latest News

Okonjo-Iweala closer to making history

19 hours ago | Economics

Key WTO ambassadors have tapped Nigeria's Ngozi Okonjo-Iweala as the best pick to lead the organisation, but she was opposed by the United States. Washington...

How SME businesses can be...

19 hours ago | People

Johanna Kambala 1. Where to find tender opportunitiesThere are various procurement methods identified in the PPA, hence the type of procurement method will determine...

Going back to her roots

19 hours ago | People

Michelline NawatisesSybil Somaes is the managing director of Compli-Serve Namibia, based in Windhoek and has experience primarily spent in Namibian financial services. She was instrumental...

Saints and sinners

19 hours ago | Education

KENYA KAMBOWESHAMBYULearners at one of the top schools in the country, St Boniface College in the Kavango East Region, have described the school’s principal, Mary...

PDM MPs face the chop...

19 hours ago | Politics

STAFF REPORTERWINDHOEKSix Popular Democratic Movement (PDM) members are facing an exit from the National Assembly after the Supreme Court closed a matter in which the...

Tiaan Langenegger

19 hours ago | Art and Entertainment

YANDI DU PLESIS WINDHOEK While South African chef Tiaan Langenegger first made headlines in 2013 when he was crowned the co-winner...

The importance of domestic travel

19 hours ago | People

Michelline NawatisesThe property connoisseurs and award-winning travel bloggers, Lisette and Liselle So-Oabes, share their knowledge in a question-and-answer about travelling.The travel bug bit the two...

Bumper grape harvest expected

19 hours ago | Agriculture

ELLANIE SMITWINDHOEKThe strong growth experienced in the grape sector will not be sufficient to balance the effect of the weak performance of the livestock sector.Therefore,...

Policing is not enough

19 hours ago | Opinion

President Hage Geingob’s admission that gender-based violence, murder, rape, armed robbery and the unabated carnage on the roads are causing great distress all over the...

Load More