20 Apr 2026 | News & Feature

TFP W16 2026: When high tides forced to find alternative paths

  • Rising input costs and uncertain demand may further decelerate private loan growth, meaning that liquidity creation may remain concentrated in the public sector.
  • Lower private demand for loans, along with more limited monetary operations, could complicate banks’ ability to exercise their intermediary function.
  • Excess liquidity within the domestic banking system may create robust demand for government debt.