Credit Trend

Dec 12, 2011 (LBO) - Loans to business from Sri Lanka's commercial banks hit a fresh high of 54.50 billion rupees in October 2011 to 1,882 billion rupees while central bank credit to the state also rose amid defence of a dollar peg, official data shows. Credit to business grew 33.4 percent in the 12-month to October from a year earlier, easing slightly from 34.

8 percent in September, but the monthly volume was the highest since the end of a balance of payments crisis in 2009.

Credit to business has been above 50 billion rupees for three months in a row.

Credit to state enterprises also rose 20.2 billion rupees to 161.2 billion, up 31.2 percent from a year earlier, data released by the Central Bank shows.

Net rupee credit to the state from commercial banks fell 16.

4 billion rupees to 484.4 billion in October and dollar denominated credit also fell 5.3 billion rupees to 126.3 billion rupees.

But central bank credit to the state rose 16.
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4 billion rupees to 178.8 billion rupees.

Central Bank credit to the state rises due to sterilizing interventions in the forex markets to defend a peg with the US dollar with rupee liquidity injections or settling f