The FX-adjusted growth trend (annualized 13-week average change) of total credits continued to accelerate to 21% during the week of February 1 from the preceding week's 19.1%. This is not only higher than the growth trend observed in the same period of last year, but is also more than the 2006-2012 average. Meanwhile, the FX-adjusted y/y credit growth rate also advanced to 18.6% during the week of February 1 from the previous week's 17.6%. Recall that the CBT's year-end guidance is 15% y/y credit growth. We calculate that both consumer and commercial credit growth picked up and fueled the acceleration of the headline. The faster credit growth reflects the decline in interest rates charged on loans. However, interest rates have been showing signs of stabilization over the last weeks and further credit growth acceleration from this point onwards may be limited. Nevertheless, credit growth remains at undesired levels increasing the likelihood of a RRR hike going forward. 
Source: bne