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Private sector credit extension (PSCE) growth slowed to 1.8% y/y in Jun ‘24, a slowdown from the 3.2% in May ‘24 and 3.0% in Jun ‘23. This is below the 12-month average of 2.0%. Furthermore, credit extension contracted 0.6% m/m. Business credit growth slowed to just 0.5% y/y, while household credit growth improved somewhat to 2.7% y/y (its highest since Dec ’23).