In December 2019 it measured 1.9% y-o-y, which is also its average for the year as a whole. According to our latest estimate, economic growth came at 4.2% in 2019, exceeding all the projections released in the course of the year.
Growth in advances coupled with gradually rising interest rates has provided a unique opportunity for banks to generate unprecedented profits and redeployment of these funds in the banking and economic system has helped strengthen banks’ balance sheets and continue to meet the growing economic requirements, respectively.