Banking system sound and stable, says National Bank

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The banking system is stable and is properly managing current challenges, whereas the environment is still uncertain as a result of global factors, accompanied by high, although reduced, inflation rates and tightening of financial conditions, said the National Bank after a Council session dedicated to the risks for the banking sector in the first quarter of 2023.

As of Q1, year-on-year household and corporate deposits have seen an accelerated growth, whereas credit growth has been lower. Deposits have increased to 7.8 percent, while crediting stood at 6.4 percent, said the bank.

Solvency of the banking sector has recorded an improvement, with the capital adequacy rate increasing by 0.3 percent to 18 percent, the highest level over the past 16 years, mostly as a result of reinvestment of last year’s profit.

 

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