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Private sector credit extension (PSCE) accelerated to 3.9% y/y for Mar ’23, the fastest for ’23 so far and the second fastest in the last six months (Dec ’22: 4.2% y/y). This is also above the rolling 12-month average of 3.8%. However, credit declined 0.1% m/m, the first monthly decline since Jun ’22 (-0.7%).