FX.co ★ South Africa’s M3 Growth Accelerates Slightly in August, Signalling Firmer Liquidity Conditions

South Africa’s broad money supply (M3) growth edged higher in August 2026, suggesting a modest strengthening in liquidity within the economy. Year-over-year, M3 expanded by 8.89% in August, up from 8.57% in July 2026.

Both figures are based on year-over-year comparisons, with the “previous” reading reflecting July’s change against July a year earlier, and the “actual” showing August’s change against the same month a year ago. The slight uptick indicates that the pace of monetary expansion has quickened compared with the prior month, which may carry implications for credit conditions and overall demand in the South African economy.

The data were last updated on 30 September 2026, providing markets and analysts with a fresh snapshot of underlying money supply dynamics heading into the final quarter of the year.