French Polynesia business lending slows

Banks in French Polynesia are reporting a business slowdown after a promising beginning of the year.

The IEOM, which issues the French Pacific franc, says lending to businesses in the second quarter has seen a decrease by five percent.

It says this is the lowest level in four years.

The territory’s economy has suffered a contraction in the past decade, with a sharp increase in unemployment.

French Polynesia, Papeete waterfront Photo: RNZ

French Polynesia, Papeete waterfront Photo: RNZ

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