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Growth in private sector credit extension improved marginally to 2.0% y/y in Nov ’23, up from at 1.8% y/y in Oct ’23 but weaker than the 3.7% y/y in Nov ’22. Business credit grew just 0.7% y/y (but rose 2.3% m/m) after seven consecutive months of contraction, while household credit growth slowed to 2.9% y/y (-0.4% m/m) – the weakest since Sep ’22.