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Private sector credit extension (PSCE) growth slowed to 2.6% y/y and 0.1% m/m in Jan ’23, the slowest annual growth since Mar ’22. The resident private sector took up a net N$2.8 billion in credit y/y. However, this was driven by household credit uptake – up 4.9% or N$3.1 billion y/y – as businesses were net repayers of credit in Jan ’23 (down 0.6% or N$270 million y/y).