FX.co ★ South Africa’s M3 Money Supply Growth Eases to 7.44% in January 2026

South Africa’s broad money supply (M3) grew 7.44% year-over-year in January 2026, easing from an 8.16% annual increase recorded in December 2025. The latest data, updated on 27 February 2026, indicate a moderation in the pace of monetary expansion at the start of the year.

The figures compare the change in M3 for January 2026 with January a year earlier, while the previous reading reflects December 2025 against the same month a year before. The slowdown from 8.16% to 7.44% suggests that liquidity in the South African financial system is still expanding, but at a slightly reduced rate compared with the close of 2025.

Market participants and policymakers will watch upcoming releases to assess whether this deceleration in money supply growth persists, as it can carry implications for credit conditions, inflation dynamics and the broader economic outlook.