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Private sector credit extension (PSCE) slowed to 2.6% y/y in Apr ’23, tied with Jan ’23 for the slowest growth since Mar ’22 (2.1%) – a significant slowdown from the 3.9% in Mar ’23 and 3.8% in Apr ‘22. This is also above the rolling 12-month average of 3.8%. Credit growth accelerated to 0.3% m/m from -0.1% m/m. Growth was entirely driven by households (+5.0% y/y), as business credit contracted 0.8% y/y (the second decline this year after the -0.6% in Jan ’23).