South Africa’s broad money supply growth cooled in July 2026, with the M3 aggregate rising 8.57% year-over-year, down from 9.31% in June 2026. The latest data, updated on 31 August 2026, indicate a moderation in liquidity growth in the economy compared with the same period a year earlier.
The figures are based on a year-over-year comparison, where the July reading reflects the change in M3 versus July of the previous year, while the June figure measures the change relative to June a year earlier. The easing in M3 growth suggests a slower pace of monetary expansion, which can be relevant for assessing underlying credit conditions, inflation dynamics, and overall financial activity in South Africa.
Market participants and analysts will likely watch upcoming releases to see whether July’s deceleration marks the start of a more sustained trend or a temporary pause following stronger money supply growth earlier in the year.
