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Financial News: South Africa Money Supply Growth Exceeds Forecast

South Africa Money Supply Growth Exceeds Forecast

03/29/2018 - 02:47:00 (RTTNews)

(RTTNews) - South Africa's money supply growth accelerated at a faster-than-expected pace in February, the South African Reserve Bank reported Thursday.

The broad money supply, or M3, advanced 6.89 percent year-over-year in February, faster than the 5.83 percent rise in January. Economists had expected the growth to accelerate to 6.0 percent.

Similarly, the annual growth in the narrow measure, M1, rose to 4.98 percent from 3.40 percent.

Data also showed that private sector credit in the domestic economy grew at faster pace of 5.74 percent annually in February, following a 5.54 percent rise in the prior month. That was also above the expected growth of 5.52 percent.

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