Improving economy is driving decline in absolute value of Cir01/2020(*) loans across all banks for which we have updated information in Q1 2021. We have contacted the banks under our coverage in the last few days to inquire on Cir01 loan movements. Given the proximity to Q1 2021 reporting, most banks were unable to provide a specific update on Cir01 loan levels but instead gave directional descriptions. All banks either reported drops in the absolute value of Cir01 loan levels in the early month