South Africa Private Credit Growth Accelerates

South Africa's private sector growth accelerated more than expected by economists in January, data from the South African Reserve Bank revealed Wednesday.

Claims on South Africa's domestic private sector grew 7.33 percent year-on-year in January, following December's 6.21 percent increase. Economists had forecast a 7.06 percent rise.

Total loans and advances increased 7.26 percent during the month compared to 7.39 percent rise in December.

The M3, or broad money supply, increased 6.58 percent on an annual basis in January, after rising 8.27 percent in December. Economists were looking for a 8.55 percent increase.

At the same time, the intermediate money supply, also known as M2, rose 6.61 percent during the month, slower than the previous month's 7.17 percent expansion. The growth in the M1, or narrow money, accelerated to 10.1 percent from 9.75 percent.