admin“The prevailing liquidity constraints, as well as withdrawal of deposit maturities from the banking system underpinned this decline,” he told journalists at a Press briefing on the State of the Economy report for April this year.
He said broad money supply decreased by 0,4 percent from US$3,81 billion as at February 28 2013 to US$3,79 billion at the end of March.
The demand of deposits also decreased in March, declining by US$14,8 million, to US$1,965 million.
Consistent with declining broad money supply growth, domestic credit decelerated from 34,2 percent in February, to 28,1 percent in March.
Loans and advances to the private sector, however, increased from US$3,574 billion in February 2013, to US$3,620 billion as at March 2013, mainly on account of increased demand for credit in manufacturing, agriculture and distribution sectors.
The loans distribution by banks during the month of March was targeted at agriculture (18 percent), distribution (16 percent), manufacturing (16 percent), individuals (14 percent) and mining (7 percent).
Online Reporter