Credit growth is beginning to ease
Price indices, in percent
Jan
2019
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2020
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
−14
−12
−10
−8
−6
−4
−2
0
2
4
6
8
10
12
14
16
18
20
22
24
M2
Total credit
Bonds
Shadow banking
