Sri Lanka, Feb. 7 -- Credit to the private sector witnessed a significant surge, surpassing the Rs.100 billion mark in December of the preceding year.
This uptick signals a notable momentum in credit activity, aligning with the Central Bank's anticipated efforts to expedite the ongoing nascent economic recovery.
According to official data released by Central Bank last week, the licensed commercial banks had increased their outstanding net credit to the private sector by a staggering Rs.102.6 billion in December 2023, extending the months-long growth in credit to its seventh consecutive month.
This however still translated to a 0.6 percent contraction from the level it stood a year ago. This indicates that the outstanding stock of credit ...