Banks in 1966/67 and of the make available additional improvement in the Central credit of about the same Bank ratio and in the external amount as in 1966/67. reserves of the banking system, the Board are of the opinion Board anticipate that ¼ of that any slackening in the the contemplated total growth of bank credit is neither increase will occur in the 3 desirable or necessary in months ending 30th June present circumstances. 1967 The consultations that take place from time to time between the Central Bank and the Associated Banks will afford opportunities of discussing any questions that may arise in the application of credit policy by individual banks. Credit Policy 1968/69 As a general guideline at this As in previous years, it is requested that stage the Board suggests the Associated Banks will bear in mind As I informed you recently, the that the aggregate amount the requirements of the private sector Board of the CB decided to of credit extended by the of the economy and give particular postpone any conclusions Abs, including government attentions to the importance of regarding credit policy in the borrowing, might encouraging productive activity and current year until they had the appropriately increase in the exports. opportunity of considering the year from April 1968 to April position in the light of the 1969 by about the same returns of the AB for Mid-April amount as in the year from 1968. April 1967 to April 1968. The Board have kept in mind, on the one hand, the continuing satisfaction of the external
Banks in 1966/67 and of the improvement in the Central Bank ratio and in the external reserves of the banking system, the Board are of the opinion that any slackening in the growth of bank credit is neither desirable or necessary in present circumstances. The consultations that take place from time to time between the Central Bank and the Associated Banks will afford opportunities of discussing any questions that may arise in the application of credit policy by individual banks. make available additional credit of about the same amount as in 1966/67. Board anticipate that ¼ of the contemplated total increase will occur in the 3 months ending 30th June 1967 Credit Policy 1968/69 As I informed you recently, the Board of the CB decided to postpone any conclusions regarding credit policy in the current year until they had the opportunity of considering the position in the light of the returns of the AB for Mid-April 1968. The Board have kept in mind, on the one hand, the continuing satisfaction of the external As a general guideline at this stage the Board suggests that the aggregate amount of credit extended by the Abs, including government borrowing, might appropriately increase in the year from April 1968 to April 1969 by about the same amount as in the year from April 1967 to April 1968. As in previous years, it is requested that the Associated Banks will bear in mind the requirements of the private sector of the economy and give particular attentions to the importance of encouraging productive activity and exports.
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