South Africa's broad money supply growth accelerated unexpectedly in November, data from the Reserve Bank of South Africa showed Wednesday.
The broad money supply, or M3, rose 8.31 percent year-over-year in November, faster than the 8.01 percent gain in October. A slower increase of 7.95 percent was expected by economists.
The narrow money supply, or M1, rose 14.3 percent following October's 9.47 percent rise.
At the same time, the intermediate money supply, or M2, grew at a slower annual rate of 9.92 percent in November compared with the 10.28 percent rise in the prior month.
Data also showed that private sector credit in the domestic economy added 9.13 percent year-on-year in November after growing 9.06 percent in the prior month. Economists called for a growth of 8.8 percent.
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