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In Jun ’23 private sector credit extension growth increased to 3.0% y/y, after slowing in Apr and May ‘23. This is the third-fastest print for the year, but still a slowdown from the 3.4% recorded in Jun ‘22. Household credit was once again the primary driver of PSCE growth, rising 5.3% y/y. Business credit, on the other hand, posted a third consecutive contraction (and the fourth for the year) at -0.1% y/y. Nonetheless, this is an improvement from the -0.8% in Apr ’23 and -3.4% in May ’23. Total claims on the resident private sector increased by NAD3.2 billion y/y and NAD834.3 million m/m, reaching a total of NAD111.6 billion.