This development reflects a slowdown in the growth of loans to private non-financial companies from 6.3% to 5.8%, a drop of 3.5%, after an increase of 0.4%, in loans to public non-financial companies and near-stagnation in loans to households at 4.4%, said the BAM in a note on its key indicators of monetary statistics for February 2020.

The breakdown by economic object of bank credit to the non-financial sector shows a slowdown from 7.7% to 6% in the rate of growth of liquidity facilities and from 4.4% to 4.1% of that of consumer loans. On the other hand, growth in property loans stagnated at 3.4% and growth in equipment loans increased from 5.7% to 6%.

On a month-on-month basis, bank credit to the non-financial sector increased by 0.5%, reflecting an increase in all of its components. In fact, liquidity facilities increased by 0.5% and equipment loans by 0.4%, while property loans increased by 0.3% and consumer loans by 0.5%.