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Private sector credit extension growth decelerated to 2.0% y/y in Dec ’23, marginally down from 2.1% in Nov ’23 but significantly lower than the 11.0% growth recorded in Dec ’22. Business credit growth slowed to 0.4% y/y, down from 0.7% in Nov ’23 (which came after seven consecutive months of contraction) and 3.5% in Dec ’22. Household credit growth slowed to 3.0% y/y from 3.2% in the previous month and 4.7% in Dec ‘22. Total (resident) private sector credit is now at NAD112.6 billion – an additional NAD2.1 billion compared to Dec ’22 (+1.9% y/y).