South Africa’s money supply growth accelerated more-than-expected in October, figures from the Reserve Bank of South Africa showed Monday.
The broad money supply, or M3, grew at a faster pace of 9.74 percent year-over-year in October, following a 8.47 percent rise in September. Economists had expected a 8.7 percent increase for the month.
The narrow money supply, M1, rose 11.20 percent yearly in October, much faster than the 7.26 percent climb in the preceding month
The annual growth in the intermediate money supply, or M2, also quickened to 8.90 percent in October from 7.71 percent in the prior month.
Data also revealed that private sector credit in the domestic economy climbed 8.87 percent in October from a year ago, exceeding economists’ expectations for a 8.58 percent hike. In September, it grew 8.39 percent.
The material has been provided by InstaForex Company – www.instaforex.com