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Sep ’23 marks the fourth consecutive deceleration in y/y private sector credit extension growth, slowing to 1.6% y/y from 2.2% in Aug ‘23 and contracting 0.3% m/m. Household credit extension has contracted m/m for the first time since Jun ’22, falling -0.5%, while business credit contracted y/y for a sixth consecutive month (-2.0% y/y). Total (resident) private sector credit is now at NAD111.2 billion, down 0.3% m/m (-NAD372.7 million).