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30.04.202606:00:00UTC+00South Africa’s Private Sector Credit Growth Cools to 8.5% in March 2026

South Africa’s private sector credit growth moderated in March 2026, with the annual rate easing to 8.50%, down from 10.50% recorded in February 2026. The latest figures, updated on 30 April 2026, signal a notable slowdown in the pace of lending to businesses and households.

The deceleration in credit growth suggests that borrowing demand or lending conditions — or both — have become less buoyant compared with the start of the year. While still positive, the weaker expansion in private sector credit could imply a more cautious stance from banks and borrowers amid evolving economic and financial conditions.

Market participants and policymakers will be watching subsequent releases closely to assess whether March’s softer 8.50% growth rate marks the beginning of a broader cooling trend in credit, or a temporary pause following February’s double‑digit pace.

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