Private sector credit remains stable

DAR ES SALAAM: Credit to the private sector remained strong largely backed by higher demand for loans that is associated with improving business and investment environment.

On annual basis, the Bank of Tanzania (BoT) monthly economic review for August shows that the credit to the private sector grew slightly to 20.8 per cent in July compared to 20.1 per cent registered in the corresponding period last year.

However, this month’s private sector growth was slightly down compared to 21.2 per cent that was registered in the preceding month.

Agricultural activities continued to record the highest growth of credit at 46.4 per cent followed by building and construction at 26.1 per cent.

Meanwhile, personal loans which accounted for the major share of the total outstanding credit to the private sector, remained the main driver of private sector credit growth, followed by trade, agriculture and manufacturing activities.

Commenting on the BoT report, the Head of Research and Analytics from Alpha Capital Mr Imani Muhingo said there is slight deceleration in private sector credit growth which decreased from 21.2 per cent in the previous month to 20.8 per cent of the month under review.

“This ongoing slowdown in private sector credit growth has been consistent since the beginning of the year, aligning with the central bank’s less accommodative policy aimed at managing money supply in the economy,” he said.

The central bank’s target is to lower private sector credit growth to a policy rate of 16.4 per cent for the fiscal year 2023/24.

Moreover during the period under review, the growth of money supply sustained an upward movement, growing at 20.9 per cent in the year ending July higher than 7.9 per cent in the corresponding period last year.

This strong growth was largely attributed to a robust expansion of credit to the private sector.

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