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Financial News: South Africa Money Supply Growth Eases More Than

South Africa Money Supply Growth Eases More Than Forecast

11/29/2017 - 01:34:00 (RTTNews)

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

The broad money supply, or M3, climbed 5.01 percent year-over-year in October, slower than the 7.13 percent rise in September. Economists had expected the growth to moderate to 5.8 percent.

Similarly, the annual growth in the narrow measure, or M1, slowed to 9.01 percent in October from 12.82 percent in the prior month.

The intermediate money supply, or M2, increased 5.78 percent yearly in October, following a 6.91 percent gain in September.

Data also showed that private sector credit in the domestic economy grew 5.43 percent annually in October, just below the 5.50 percent rise in the preceding month. Meanwhile, the growth was forecast to accelerate to 5.8 percent.

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