Picture: ISTOCK
Picture: ISTOCK

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.