Johannesburg - Growth in credit demand by South Africa’s private sector was less than expected at 5.52% year-on-year (y/y)in October from a slightly revised 5.42% rise in September, central bank data showed on Tuesday.
But growth in the broadly defined M3 measure of money supply quickened to 7.26% y/y compared with 6.8% in September.
Economists surveyed by Reuters last week forecast private sector credit expansion of 5.62% y/y in October while growth in M3 was seen at 6.7%.
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