Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
May 27 2012 11:49
The country's 200 000-odd Tupperware agents are angry about the counterfeit products being sold as the real McCoy.
Johannesburg - Credit extension to the private sector (PSCE) grew at a rate of 19.81% year-on-year (y/y) in July from a revised 20.39% (20.28%) in June, the South African Reserve Bank (SARB) said on Friday.
The rate of growth of South Africa's broad M3 money supply measure rose by 18.50% in the year to end-July from a revised 20.28% (20.12%) in the year to end-June.
South Africa's total domestic credit extension had a growth rate of 23.11% y/y in July from a revised 22.86% (22.82%) in June.
Total loans and advances, which is PSCE excluding investments and bills discounted, recorded a 20.65% y/y increase from June's revised 21.35% (21.26%) rise.
The SARB also indicated on Tuesday that its international liquidity position rose to $34.171bn in July from $33.761bn in June.
The rate of growth in PSCE was expected to have increased at 19.2% year-on-year (y/y) in July, an I-Net Bridge poll found. M3 money supply aggregate growth, meanwhile, was expected to have increased in July at 19.1% y/y.
Forecasts among the 11 economists surveyed for PSCE ranged from 18.5% to 19.9%, while the range of forecasts for M3 was from 18.2% to 19.7% at the top of the range.
Overall credit was at 22.3% in June 2006 when interest rates were first hiked by 50 basis points and the current number will be an important factor being monitored by the central bank.
- I-Net Bridge