Mike Cohen and Nasreen Seria on Business Report:
“Credit growth eased to an annual 18.6 percent last month, the slowest pace in more than three years, as higher interest rates curbed consumer spending on cars and furniture.

Growth in borrowing by households and companies slowed from 19.8 percent in July, the central bank said yesterday. Credit was expected to rise 19.2 percent, according to the median estimate of 16 economists surveyed by Bloomberg.

The Reserve Bank has raised its benchmark interest rate by 3 percentage points to 12 percent since June last year.

The slowdown in credit demand might ease pressure on inflation, increasing chances that the bank would leave rates unchanged next Thursday.”

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