29.07.202606:00:00UTC+00South Africa’s M3 Growth Eases Slightly to 9.31% in June on Annual Basis

South Africa’s broad money supply (M3) growth moderated in June 2026, with the year‑over‑year rate easing to 9.31%, down from 9.59% in May 2026. The latest data, updated on 29 July 2026, reflect a still-robust but slightly slowing expansion in liquidity across the economy.

The figures are based on a year‑over‑year comparison, meaning the June 2026 reading measures the change in M3 relative to June 2025, while the May 2026 figure is measured against May 2025. The marginal deceleration from May to June points to a modest cooling in the pace at which money is expanding in the financial system, which can have implications for credit conditions, inflation dynamics and overall economic momentum.

While the growth rate remains high in absolute terms, the slight dip suggests that monetary and financial conditions may be stabilizing after a period of stronger expansion. Market participants and policymakers are likely to monitor upcoming releases closely to gauge whether this moderation continues in the coming months.