The rates of increase in both bank credit extension to the private sector and in the money supply peaked in October 1996, before declining marginally in both November and December.
The quarter-to-quarter growth in credit extension to the private sector (at seasonally adjusted and annualised rates), decelerated from 22.4 per cent in the second quarter of 1996 to 16.6 per cent in the third quarter, and 11.8 per cent in the fourth quarter.