{"id":30377,"date":"2022-01-03T14:50:31","date_gmt":"2022-01-03T12:50:31","guid":{"rendered":"https:\/\/ijg.net\/research\/?p=30377"},"modified":"2022-01-03T14:50:32","modified_gmt":"2022-01-03T12:50:32","slug":"psce-november-2021","status":"publish","type":"post","link":"https:\/\/ijg.net\/research\/psce-november-2021\/","title":{"rendered":"PSCE \u2013 November 2021"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Overall<\/strong><\/p>\n\n\n\n

Private sector\ncredit (PSCE) increased by N$337.1 million or 0.32% m\/m in November, bringing\nthe cumulative credit outstanding to N$106.7 billion. On a year-on-year basis,\nprivate sector credit increased by 1.56% in November, down from growth of 2.69%\ny\/y in October. On a 12-month cumulative basis N$1.64 billion worth of credit was\nextended to the private sector. Individuals continue to constitute the majority\nof the cumulative issuance.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Credit\nExtension to Individuals<\/strong><\/p>\n\n\n\n

Credit\nextended to individuals increased by 0.5% m\/m after two consecutive months of contractions.\nOn a year-on-year basis, credit extended to individuals rose by 2.55% in\nNovember. On a month-on-month basis, other loans and advances\u2019 (consisting of\ncredit card debt, personal- and term loans) increased by 0.2% m\/m. Mortgage\nloans and overdrafts also recorded minor growth at 0.7% m\/m and 0.1% m\/m,\nrespectively. Instalment credit shrunk by 0.4% m\/m. On a year-on-year basis all\nsubcategories of loans & advances, bar overdrafts, posted increases in\nNovember. Overdrafts contracted by 3.8% y\/y in November. Mortgage loans\nincreased by 3.4% y\/y and other loans and advances grew by 2.3% y\/y. <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Credit\nExtension to Corporates<\/strong><\/p>\n\n\n\n

Credit extended to\ncorporates grew by 0.17% m\/m and 0.62% y\/y in November. Total corporate loans\n& advances contracted by 0.2% m\/m. Mortgage loans grew by 0.8% m\/m, other\nloans and advances grew by 0.2% m\/m. Overdrafts declined by 2.3% m\/m.\nInstalment credit grew by 4.1% m\/m, the largest increase since June 2019. The\ntrend is broadly similar on year-on-year basis. Total corporate loans &\nadvances remained steady in November, with all sub-categories except overdrafts\nrecording increases. <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Banking\nSector Liquidity <\/strong><\/p>\n\n\n\n

The overall liquidity\nposition of Namibia\u2019s commercial banks increased in November, rising by N$1.61 billion\nto an average of N$3.84 billion. The BoN attributes the increase to cash inflows\nfrom asset managers, as well as inflows from the subscription of MTC shares. The\nrepo balance rose to N$393.7 million at the end of the month after ending October\nat N$200.9 million.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Reserves and Money Supply<\/strong><\/p>\n\n\n\n

Broad Money Supply (M2)\nincreased by N$3.50 billion or 2.8% y\/y in November, according to the BoN\u2019s\nlatest monetary statistics. The money supply increased by 0.8% m\/m, increasing\nto N$129.9 billion after ending October at N$128.8 billion. The BoN\u2019s stock of\ninternational reserves contracted by 14.3% m\/m to N$41.0 billion in November. The\nlarge decline was due to the redemption of the Eurobond as well as commercial\nbank foreign currency purchases during the month, according to the BoN.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Outlook<\/strong><\/p>\n\n\n\n

Overall, PSCE\ngrowth remained subdued and in line with what has been seen so far in 2021. The\nrolling 12-month issuance is down 41.3% y\/y to N$1.64 billion. Credit extended\nto corporates as well as individuals have displayed a similar sluggish trend to\nthat of 2020. This reflects the current lack of optimism in the Namibian\neconomy. Despite providing relief to strained businesses and individuals alike,\nhistorically low interest rates have failed to achieve notable economic\nstimulus. As such, PSCE is expected to remain relatively flat in the near-term.<\/p>\n","protected":false},"excerpt":{"rendered":"

Overall Private sector credit (PSCE) increased by N$337.1 million or 0.32% m\/m in November, bringing the cumulative credit outstanding to N$106.7 billion. On a year-on-year basis, private sector credit increased by 1.56% in November, down from growth of 2.69% y\/y in October. On a 12-month cumulative basis N$1.64 billion worth \u2026 Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,22],"tags":[],"class_list":["post-30377","post","type-post","status-publish","format-standard","hentry","category-economicresearch","category-psce"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/30377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/comments?post=30377"}],"version-history":[{"count":1,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/30377\/revisions"}],"predecessor-version":[{"id":30384,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/30377\/revisions\/30384"}],"wp:attachment":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/media?parent=30377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/categories?post=30377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/tags?post=30377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}