Even though the Central Bank has lamented over the years about rising non-performing loans, there was still an increase in the loans and advances awarded last year, particularly for the private sector. The financial institution noted in its latest report that loans and advances grew by 8.6 percent, reflecting a mixed allocation of credit to the various sectors at the end of December 2019.
The bank said that credit to all the sectors increased, with the exception of the mining and agriculture sectors. It was noted that loans extended to the other services sector was higher by 40.4 percent resulting from higher credit to the transport and communication, entertainment and catering and other services subsectors. Similarly, lending to the construction and engineering sector and for mortgage loans were also higher by 11.7 percent and 6.9 percent respectively.
Central Bank was keen to note as well that credit to the other category of the private sector, manufacturing and personal loans sectors rose by 3.7 percent, 2.1 percent and 1.6 percent respectively. Conversely, credit to the mining and agriculture sectors was lower by 13.6 percent and 8.3 percent respectively.
