Credit extension to the private sector (PSCE) registered grew 8.72% year on year (y/y) in June‚ from 8.31% in May‚ the South African Reserve Bank (SARB) said on Monday.
The rate of growth of SA’s broad M3 money supply measure was 6.99% y/y in June from 6.43% y/y in May.
The rate of growth in PSCE was expected to have come in at 8.4% y/y‚ according to a survey by I-Net Bridge‚ and M3 was expected to have increased by 6.3% y/y.
Total loans and advances‚ which is PSCE excluding investments and bills discounted‚ recorded 8.16% y/y growth in June from 8.04% y/y growth in May.
Total domestic credit extension amounted to 8.27% in June from 7.57% in May.
The SARB also indicated that its international liquidity position rose slightly‚ to US$47.936bn in June from $47.672bn in May.
