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Financial News: S. Africa Money Supply Growth Accelerates More Than

S. Africa Money Supply Growth Accelerates More Than Forecast

08/30/2017 - 02:54:00 (RTTNews)

(RTTNews) - South Africa's money supply growth accelerated at a faster-than-expected pace in July, figures from the South African Reserve Bank showed Wednesday.

The broad money supply, or M3, rose 6.81 percent year-over-year in July, faster than the 5.96 percent climb in June. Economists had expected the growth to improve slightly to 6.10 percent.

Similarly, the annual growth in the narrow measure, or M1, quickened to 12.13 percent in July from 11.48 percent in the prior month.

The intermediate money supply, or M2, increased 6.69 percent yearly in July, broadly in line with the 6.66 percent rise in June.

Data also showed that private sector credit in the domestic economy climbed at a slower rate of 5.71 percent in July from a year ago, following a 6.16 percent growth in the preceding month.

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