Private sector’s appetite for credit picks up
The private sector’s appetite for credit grew faster than expected in November, the Reserve Bank reported on Friday morning.
November’s private sector credit growth accelerated to 6.45% from 5.43% in October, beating an economists’ consensus of 5.9% in a poll by Trading Economics.
The Bank also reported that M3 money supply growth accelerated to 6.61% in November from 5.01% in October, beating the consensus of 6.5%.
The total monetary deposits included in M3 amounted to R3.35-trillion in November, a 0.93% increase from R3.32-trillion in October.
Mortgage advances amounted to R1.35-trillion in November, a 4.5% increase from R1.29-trillion in the same month in 2016.
Instalment sales credit grew 5.34% to R375bn, while leasing finance declined 3.8% to R12bn.
Total credit to households grew by 3.71% to R1.54-trillion.