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Sarb: No sign of credit bubble

Oct 31 2012 07:58 Reuters
Long-serving National Treasury director-general Le

Deputy governor of the Reserve Bank Lesetja Kganyago. Picture: Lisa Hnatowicz

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Pretoria - There are no signs of a credit bubble in South Africa despite a rise in unsecured lending, Reserve Bank deputy governor Lesetja Kganyago said on Tuesday.

"Credit that grows at an average of around 7% when inflation is at 5.5% cannot by any measure be seen as bubble. Unsecured lending is such a small component of overall credit," Kganyago said in response to a question at a monetary policy forum.

Unsecured loans in South Africa surged by 21% to $43bn in the year to June, central bank statistics show, but are still about a tenth of overall lending.

 

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