30.08.201802:39:00UTC+00South Africa Money Supply Growth Accelerates Unexpectedly

South Africa's money supply growth accelerated unexpectedly in July, the South African Reserve Bank reported Thursday.

The broad money supply, or M3, advanced 6.0 percent year-over-year in July, faster than the 5.77 percent rise in June. Meanwhile, economists had expected the growth to slow to 5.70 percent.

Similarly, the annual growth in the narrow measure, M1, rose to 4.42 percent from 2.59 percent.

Data also showed that private sector credit in the domestic economy grew 5.41 percent yearly in July, below the 5.68 percent rise in June. The growth was expected to increase to 5.90 percent.