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Private sector credit extension stood at 1.8% y/y in Oct ’23, up marginally from 1.6% in Sep ’23 but still well below the rolling 12-month average of 2.7%. Business credit contracted for a seventh consecutive month (-1.4%), while household credit increased 4.2% y/y (the slowest since Oct ’22: 3.7%). Growth recovered to 0.3% m/m, the first noticeable m/m increase since Jun ’23.