CREDIT EXTENDED TO BUSINESSES DECLINE
MBABANE – Credit extended to businesses weakened by 2.0 per cent to settle at E7.0 billion at the end of August 2019, from E7.2 billion in August.
The Central Bank of Eswatini, in its monthly statistical report for August/ September 2019, reported that the lower demand for credit was observed in the following sectors; mining and quarrying (-7.9 per cent), distribution and tourism (-3.8 per cent), agriculture and forestry (-2.5 per cent), construction (-2.2 per cent) and real estate (-0.9 per cent).
However, the bank reported that an increase in the demand for credit was observed in; community, social and personal services (1.0 per cent), manufacturing (0.3 per cent) as well as transport and communication (0.2 per cent).
Furthermore, it reported that the credit extended to households and NPISH expanded by 3.5 per cent to close at E6.5 billion at the end of August 2019 from E6.2 billion in July 2019.
Supporting this development, according to the CBE, was 5.3 per cent advancement in housing loans to reach E3.5 billion, coupled with a 2.3 per cent rise in other personal (unsecured) loans to E2.0 billion.
“On the other hand, motor vehicle loans decreased by 0.03 per cent to close at E998.5 million at the end of August 2019,” reads the report in part.
The bank further reported that the net claims on government by the banking sector grew by 18.8 per cent to reach at E2.6 billion in August 2019 from E2.2 billion the previous month.
This development, according to the CBE, was due to a higher increase in claims on government (14.5 per cent) compared to government deposits (10.2 per cent) over the review month.
The bank reported that the year-on-year, net claims on government increased by 35.8 per cent while broad money supply (M2) stood at E17.9 billion at the end of August 2019, showing an expansion of 4.3 per cent from E17.2 billion in July 2019.
The rise in M2, according to the bank, emanated from both narrow money supply and quasi money supply.
On an annual basis, the bank reported thatM2, contracted by 4.3 per cent.
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