Banking Sector Development
November 2016 | Released on 24 March 2017
Deposits declined while lending continues to grow strongly
Over November 2016, total lending by banks continued to increase by $9.3 million (2.5%) to $377.5 million. Business and household loans both contributed to the monthly rise. On a yearly basis, household loans contributed significantly to an overall annual credit growth of $53.4 million (16.5%). Business lending also contributed to the annual growth.
Total bank deposits decreased by $3.9 million (0.8%) to $492.9 million over November 2016. This was due mainly to a fall in demand and time deposits of $2.9 million (1.4%) and $1.8 million (0.9%) respectively. This was due to drawing down of businesses and individuals of their deposits to fund their overseas payments as well as preparations for the upcoming festive season.
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