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Private sector credit extension (PSCE) growth slowed to 1.6% in Nov ’21. Although not the slowest y/y growth in CY ’21, it is slower than the 2.7% reported in both Nov ’20 and Oct ’21. Credit growth to households slowed (the slowest since Jan ’21), while credit to businesses stalled. Central Govenrment deposits declined materially with the redemption of the Eurobond.