31.08.201003:10:00UTC+00S. Africa July M3 Money Supply Grows

South Africa's M3 money supply increased at a faster pace in July.

The M3 money supply increased 3.71% year-on-year in July, faster than a 2.40% growth in the previous month, a latest report from the South African Reserve Bank showed on Tuesday. Economists had expected an increase of 2.53%.

The M2 money supply grew 2.81% in July, compared to a 0.30% rise in the previous month. At the same time, the M1 money supply rose to 8.98% from 6.58%.

Meanwhile, claims on the domestic private sector or PSCE climbed 1.98% annually in July, compared to a 0.89% growth in the previous month. This was increased for the third consecutive month in the year. Economists were looking for an increase of 1.47%.

Similarly, total loans and advances rose 1.73% in July, faster than 1.24% rise in the preceding month. Total domestic credit extension increased to 1.33% from 0.66%.

Copyright(c) 2010 News.com, Inc. All Rights Reserved