FX.co ★ South Africa’s M3 Growth Eases Slightly in May, Signalling Mild Liquidity Slowdown

South Africa’s broad money supply growth moderated marginally in May 2026, with M3 expanding 9.59% year-over-year, down from 9.82% in April 2026. The latest data, updated on 30 June 2026, indicate a small deceleration in liquidity growth in the economy.

The figures are measured on a year-over-year basis, comparing May 2026 with May 2025, while April’s reading reflected the change versus April 2025. Although the pace of expansion in M3 has edged lower, it remains elevated, suggesting that overall monetary conditions are still accommodative, but tightening slightly at the margin.

Market participants and policymakers will watch whether this soft easing in money supply growth continues in the coming months, as it may influence inflation dynamics, credit growth and the broader outlook for South Africa’s financial conditions.