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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Euro zone loan growth picks up pace in August

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Frankfurt am Main: Growth in lending to companies and households in the euro zone sped up in August, European Central Bank data showed on Thursday, in an encouraging sign for the institution as it withdraws stimulus from the economy.


The pace of credit growth to the private sector climbed to 3.4 per cent year-on-year last month, adjusting for some purely financial transactions, 0.1 percentage point faster than in July.


Looking in more detail at the data, expansion in lending to households added 0.1 percentage points, reaching 3.1 per cent, while growth in credit to firms reached 4.2 per cent, up by 0.2 points.


The faster growth in lending to the real economy comes as the ECB prepares the final steps in its gradual withdrawal of “quantitative easing” stimulus to the euro zone economy. Introduced in 2015, the mass bond-buying scheme currently sees the bank buy 30 billion euros ($35.1 billion) of government and corporate bonds per month.— AFP


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