There have been significant increases in broad money and private sector credit. In 2012/13, it is estimated that credit to the private sector grew by almost 50 percent, although this represents a decline from 60 percent growth recorded in 2011/12. The increase in credit to the private sector is in response to recent policy reforms. In particular, the licensing of new banks, expansion of branch networks, the broadening of eligible collateral to include key agricultural export goods, and doubling of the loan ceiling to farmers.