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Resident PSCE grew by 3.2% y/y, marking the highest annual growth rate since March 2023. Business credit was the main driver, with the tourism sector driving instalment and leasing growth (+29.1% y/y) and the manufacturing and retail sectors driving a 17.7% y/y increase in other loans and advances. Household credit growth remains subdued at 2.2% y/y, though the outlook is positive given civil service wage adjustments and income tax bracket amendments to follow later this year.