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The annual credit growth was slightly higher than the 33.9 percent in July, according to Central Bank data. Data on credit to state enterprises and private business from foreign currency units of banks had been revised in August.
Deputy economic research director Swarna Gunaratne said a classification change of SriLankan Airlines from private sector to state ownership had resulted in the revision. The revision of was only about three to four billion rupees, she said.
The state borrowed 41.8 billion rupees from commercial banks in August, the highest monthly volume so far this year.
In July, state borrowings fell with the sale of a billion dollar bond and repayments of banks borrowings, though state enterprises.
Gunaratne said the state domestic borrowing increases may be temporary.
Analysts had warned that state borrowings from the domestic banking system on top of high credit growth is putting pressure on a dollar peg, eventually resulting in the banking system being driven by central bank credit.
Central bank officials have said that they expect credit growth to ease in the coming months.
http://lbo.lk/fullstory.php?nid=146878055
Deputy economic research director Swarna Gunaratne said a classification change of SriLankan Airlines from private sector to state ownership had resulted in the revision. The revision of was only about three to four billion rupees, she said.
The state borrowed 41.8 billion rupees from commercial banks in August, the highest monthly volume so far this year.
In July, state borrowings fell with the sale of a billion dollar bond and repayments of banks borrowings, though state enterprises.
Gunaratne said the state domestic borrowing increases may be temporary.
Analysts had warned that state borrowings from the domestic banking system on top of high credit growth is putting pressure on a dollar peg, eventually resulting in the banking system being driven by central bank credit.
Central bank officials have said that they expect credit growth to ease in the coming months.
http://lbo.lk/fullstory.php?nid=146878055
