Businesses and households have sustained their appetite for borrowing money from financial institutions.
The latest data from the Central Bank, as reported in the January to September economic review by Governor Dr The Most Honourable Kevin Greenidge on October 28, revealed that corporate Barbados and families took out an additional $383.5 million in loans in the first nine months of this year.
This increased borrowing from commercial banks, deposit-taking finance and trust companies and credit unions, pushed credit outstanding from businesses and households, otherwise known as the non-financial private sector, up to $9.85 billion at the end of September.
As Barbadians secured more credit, the Central Bank also reported that the majority of them were paying their loans on time, with non-performing loans (NPLs) declining further.
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