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Sri Lanka’s private sector credit growth up in December comparing to last year

Financial News Update: Credit growth extended to the private sector picked up year-on-year in December 2019, following a continuing slowdown since December 2018. Driven by domestic credit expansion, strong (year-on-year) money growth also picked up in December 2019, Central Bank data showed.

Nevertheless, the absolute credit expansion applied to both the private and public sectors remained limited in 2019, relative to 2018.

In the future, the growth of money and credit aggregates is expected to accelerate with the expected continued decline in lending rates, expected economic activity expansion assisted by fiscal stimulus, announced credit support package for SMEs, and enhanced investor sentiment, the Central Bank said.