South African Banks Put Brakes on Lending as Economy Shrinks

The pain felt in South Africa’s economy in the first quarter was echoed in the banking industry.

The value of new consumer credit granted in the first quarter declined more than 10 percent to 121.6 billion rand ($8.9 billion) from the previous three months, according to data compiled by the National Credit Regulator. The number of applications for loans remained little changed at 10.48 million, it said in an emailed statement on Friday.

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