South Africa’s money supply growth quickened at a faster-than-expected pace in December, figures from the Reserve Bank of South Africa showed Friday.
The broad money supply, or M3, surged at a faster pace of 10.45 percent year-over-year in December, following a 9.35 percent hike in the previous month. Economists had expected a 9.75 percent climb for the month.
Similarly, the annual growth in the narrow money supply, or, M1, accelerated notably to 15.03 percent in December from 10.63 percent in November.
The intermediate money supply, or M2, climbed 9.63 percent yearly at the end of the year, following a 8.34 percent spike a month earlier.
Data also revealed that private sector credit in the domestic economy grew 10.28 percent in December from a year ago, surpassing economists’ expectations for a 9.85 percent increase. In November, it had risen 9.53 percent.
The material has been provided by InstaForex Company – www.instaforex.com