South Africa's broad money supply increased at a faster pace in May, contrary to economists expectation for a slowdown, data released by the South African Reserve Bank showed Friday.
The M3, or broad money supply, increased 6.45 percent year-on-year in May, following the previous month's 6.15 percent gain. Economists were looking for a 6.15 percent increase.
The intermediate, or M2, money supply rose 6.91 percent annually during the month, after increasing 7.25 percent in April. The M1, or narrow money grew at a notably faster rate of 8.56 percent in May than 5.29 percent in April.
South Africa's private sector credit advanced 8.31 percent year-on-year in May, faster than the 7.33 percent rise seen in April. Economists expected an 8 percent increase.
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