In times of change, however, it is almost impossible for us to derive expectations about the future from the adjustment patterns of the past. This is particularly true at the current juncture: despite severe shocks buffeting the economy, non-performing loans have not risen materially. At around 1.3% at the end of 2022, the NPL (Non-performing Loan) ratio remained low.
The country’s outstanding external debt also remains at a prudent level as its ratio to GDP slightly eased to 26.5 percent in end-June 2021. Notably, a large portion of the country’s external debt has medium- and long-term maturity profile and carry fixed interest rates.