There was a steep divergence in the growth rates of credit extended to the corporate sector (15.3% y/y in November 2014) compared with the household sector (3.6% in November 2014). The rapid increase in loans and advances extended to private companies may be related to, among other things, the awarding of a new round of renewable energy contracts initiated by government, increased demand for trade finance, and the funding of domestic and foreign expansion, especially into Africa.
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