FX.co ★ South Africa Private Sector Credit Growth Hits Three-Year High

In December 2025, credit extended to South Africa's private sector increased by 8.74% compared to the same month the previous year, up from a 7.79% increase recorded in November. This growth rate is the highest observed since October 2022. Concurrently, the M3 measure of money supply, which is broadly defined, grew by 8.16%, reaching a new record high of ZAR 5,882,466 million, compared to an 8.26% growth in the previous month.