Bloomberg News

Kenya Domestic Credit Grew 23.4% in Year to June, Bank Says

October 21, 2011

(Updates with details from second paragraph.)

Oct. 21 (Bloomberg) -- Domestic credit in Kenya, east Africa’s biggest economy, increased 23.4 percent in the year through June, the central bank said.

Total credit jumped to 1.34 trillion shillings ($13.4 billion) from 1.09 trillion shillings a year earlier, the Nairobi-based Central Bank of Kenya said in its June economic report received by e-mail today.

“The stronger growth in credit to the private sector reflected increased demand for loans to finance economic activities in the productive sectors of the economy,” it said.

About 16.4 percent of the credit went to trade, followed by real estate at 14.9 percent and private households which received 13.5 percent, the report said.

Kenyan imports rose to 136.1 billion shillings in August from 73 billion shillings a year earlier, according to the Kenya National Bureau of Statistics. Exports increased to 46.3 billion shillings during the month from 30.3 billion shillings in August 2010, the statistics agency said Oct. 18.

--Editors: Ana Monteiro, Vernon Wessels

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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