The sustained acceleration in growth, supported by a range of anecdotal indications, is resulting in the movement of large numbers of households into higher income and consumption categories, with enhanced demand for financial services. Alongside, industrial production and export growth have remained buoyant and the rising prominence of services in the economy is generating a surge in demand for financial intermediation.
A lead indicator is the sizeable expansion already underway in domestic bank lending to households and small and medium industrial and service enterprises which are poised to emerge as the new growth drives of financial sector activity.