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Slight Surprise in Credit Demand| News by Staff Reporter
Credit demand from South Africa’s private sector was stronger than expected in July
Year-on-year growth in credit demand by South Africa’s private sector in July came in at a higher than expected 5,65%, according to data released by the central bank on Tuesday.
This follows a slightly revised year-on-year figure of 5,28% in June, the central bank said.
The broadly defined M3 measure of money supply was seen to slow to 5,58% year-on-year in July from an upwardly revised 6,03% in June.
Economists had forecast private sector credit growth to be at 5,0 percent year-on-year in July while the M3 measure of money supply was expected to slow to 5,5% year-on-year.