The Ministry of Finance, Planning and Economic Development has revealed that in the period November 2024, the value of credit approved for disbursement in November 2024 amounted to Shs2.286Trn against applications valued at Shs3.206Trn, implying a 71.3 percent approval rate for the month.
The details are contained in the Performance of Economy report for December 2024 which indicated that contrary to October 2024 where personal and household loans accounted for the biggest share of credit approved, this time around, manufacturing sector commanded the lion share of loans approved, accounting for (Shs510Bn) of the total credit approved for disbursement during the month.
Other notable recipients of credit approved during the month were personal and household loans accounting for (Shs492Bn) 21.5 percent, transport & communication services and trade accounting for (Shs426Bn) 18.6 percent and (Shs376Bn) 16.5 percent, respectively, of the total credit approved for disbursement in November 2024
The report also revealed that the stock of outstanding private sector credit increased by 2.6 percent from Shs22.270Trn in October 2024 to Shs22.845Trn in November 2024.
This followed increased credit disbursements to the private sector particularly to trade, manufacturing and transport & communication sectors in the month of November.
The report further revealed that of the total stock of private sector credit in November 2024, Shs6,629Trn was foreign currency denominated credit while Shs16,215Trn was Shillings denominated credit.
