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Credit extended to the private sector increased by 3.8% y/y in Apr ’22, the fastest rate since the 6.1% of Mar ’20 (i.e. ‘pre-COVID’). Total claims on businesses and individuals increased to N$108.8 billion. However, if non-residents are included, growth 10.5% y/y is reported thanks to large cross-border interbank transactions, while this remained unchanged m/m (total credit growth of 1.6% m/m).