The nominal stock of outstanding real sector loans grew by 9.1% y/y in October, thus growth accelerated after slowing for three months in a row, according to figures reported by the central bank. BYN credit continued to grow much faster than FX credit. At the same time, while BYN credit growth slowed further to 14.3% y/y, FX credit growth accelerated to 3.5%. In real terms, however, FX credit was down y/y for the fourth month in a row, while BYN credit continued to grow fast.
The breakdown by sector shows that the speed of retail credit growth continued to slow, but it remained robust at 21.8% y/y on the back of continuing double-digit nominal wage growth. Credit to state-owned companies returned to growth, although only by 0.5% y/y. BYN credit growth to state companies slowed marginally to 6.7% y/y, while FX credit decline eased to 2.3%. The growth of credit to private enterprises slowed further in October, to 8.0% y/y from 9.5% in September.