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Dhaka Tribune

Pvt sector credit growth lower in November

According to Bangladesh Bank data, the private sector credit growth dropped to 9.90% in November against 10.09% in October

Update : 04 Jan 2024, 09:54 AM

Bangladesh's private sector credit growth dropped in November due to liquidity shortage, weakened loan disbursement capacity by banks, and ongoing economic challenges.

According to Bangladesh Bank data, the private sector credit growth dropped to 9.90% in November against 10.09% in October.

It was 9.69% in September, which was the lowest after October 2021 when it was at 9.44%.

A lower credit growth in the private sector means that an insufficient number of jobs will be created, which would lead to increased unemployment.

Total distressed assets in the country’s banking sector reached Tk377,922 crore at the end of December 2022, according to a central bank report.

Over the past 30 months, the central bank has sold approximately $27.8 billion from its reserves, with $6.7 billion allocated to banks in July-December of the current financial year 2023-24, $13.5 billion in FY23, and $7.62 billion in FY22.

The exchange rate reached Tk110 from Tk90 against the US dollar within a year.

The private sector credit growth was 8.35% in FY21, 13.66% in FY22 and 10.57% in FY23.

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