South Africa’s money supply growth slowed at a faster-than-expected pace in September, figures from the the Reserve Bank of South Africa showed Thursday.
The broad measure of money supply, or M3, rose at a slower pace of 8.4 percent year-over-over September, following a 10.02 percent climb in August. Economists had forecast the growth to ease to 9.75 percent.
The narrow money supply, or M1, climbed 7.26 percent annually in September, which was also slower than the 8.26 percent hike in the preceding month.
In the same way, the annual growth in the intermediate money supply, or M2, moderated to 7.71 percent in September from 9.93 percent.
Data also revealed that private sector credit in the domestic economy surged 8.39 percent yearly in September, below economists’ expectations for 8.5 percent increase. In August, it grew 8.60 percent.
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