Private-sector credit extension grew by the smallest increment in January 2024 since January two years ago, a time when the Reserve Bank implemented policy normalisation by accelerating interest-rate hikes to counter monetary expansion policy undertaken during the Covid-19 pandemic.

Reserve Bank data published on Thursday shows private sector credit grew by 3.2% year on year in January 2024, missing market forecasts of a 4.3% increase and slowing from a 4.9% rise in the previous month. It was also the 31st consecutive month of growth in private credit...

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