According to the BCT’s Central Information Office, the gradual recovery in bank lending, which began in January 2024, eased slightly in August 2024.
Outstanding loans to the economy rose by 3.9%, compared with 4.2% in July 2024 and 2.4% in August 2023. This slight slowdown is due to the slower pace of growth in short-term lending.
By contrast, medium- and long-term loans (for investment purposes) continued to rise gradually. Outstanding loans to professionals rose by 4.4% in August 2024, from 4.7% the previous month.
In detail, the pace of growth in short-term lending eased slightly in August 2024, to 5%, after 5.8% the previous month and 4.7% a year earlier.
Nonetheless, medium and long-term loans continued on a gradual upward trend, growing at a rate of 3.6% after 3.2% in July 2024, compared with a fall of 0.7% in August 2023.
The sector breakdown of loans to professionals shows a slight slowdown in loans to the agricultural sector (6.9% compared with 7.7% in July 2024), services (5.6% compared with 5.7%) and the industrial sector (2.3% compared with 2.9%).
For individuals, the rate of growth in outstanding loans slowed to 2.3% in August 2024, after 2.6% the previous month.
In detail, outstanding housing loans stabilized at 2.7% for the second month in a row, while the rate of growth in consumer loans slowed to 1.9% after 2.5% the previous month.
