Broad money supply surged by
The money supply measure expanded to 7,66 percent in
Broad money registered a monthly increase of 2,25 percent between April and
"Expansions were registered in all deposit classes with savings deposits recording the highest annual growth of 12,5 percent.
The growth in money supply continued to be driven by tobacco sales. This year, tobacco farmers sold about 205 million kilograms of the golden leaf worth
There has also been a pro-active approach from the
The sluggish performance of the economy continued to hamper robust growths rates in the broad money. The main sources of liquidity under the multi-currency system are exports, external lines of credit and diaspora remittances, given that the central bank cannot inject liquidity into the economy. These have not managed to generate enough liquidity to achieve desirable levels of money supply growth.
Deposits held by banks largely emanated from utilities and local authorities, 25,78 percent, households, 14,6 percent, financial organisations, 20,08 percent and distribution 8,9 percent.
During the period under review, credit to the private sector declined marginally to
"The slowdown reflects constrained lending by banks on the back of attendant liquidity challenges, as well as risk aversion occasioned by increasing non-performing loans."
The value of transactions processed through the RTGS system in
The total value of card-based transactions increased by 5,2 percent to
The value of mobile and internet-based transactions also increased by 19 percent, from
There is rapid expansion of mobile banking in
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