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2 per cent in September 2015 from 21.3 per cent in the previous month. Broad money (M2b) grew by 16.0 per cent (y-o-y) in September 2015 compared to 16.8 per cent in the previous month driven by the expansion of credit extended to both private and public sectors by the banking system. Gross official reserves, which stood at US dollars 6.
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8 billion at end September 2015, are estimated to have strengthened to around US dollars 8.0 billion by 03 November 2015 with the receipts from the ninth International Sovereign Bond issuance for US dollars 1.5 billion, the statement said. With regard to the external sector, the decline in expenditure on imports in September 2015 was greater than the decline in earnings from exports, narrowing the deficit in the trade account by 4.1 per cent to US dollars 733 million.
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However, on a cumulative basis, trade deficit widened during the first nine months of the year by 3.8 per cent to US dollars 6,145 million, driven by the continued increase in non-oil imports.