“Annual growth rates of lending to households and non-financial corporates ticked up in August, which indicates that the economy continues to experience moderate support. What today’s bank lending data indicates is that the transmission of monetary policy seems to be working pretty well despite all the global uncertainty. Worries about faltering investment – driven by businesses seeking more clarity on the economic outlook – seem to be overstated looking at today’s numbers. Borrowing continues at a decent enough pace to expect economic growth to continue to be supported, albeit at a moderate pace.”
Morten W. Langer
