Credit growth quickens to 8.31%

Johannesburg - Growth in credit demand by South Africa’s private sector accelerated more-than-expected to 8.31% year-on-year in May compared with a 7.33% rise in April, central bank data showed on Friday. 

Growth in the M3 measure of money supply rose to 6.45% on a year-on-year basis from 6.16% in April. 

Economists in a Reuters poll had expected credit extension to the private sector to quicken to 8.0% while money supply was seen easing to 6.0 %.