FX.co ★ South Africa’s M3 Money Supply Growth Eases to 7.93% in September YoY

South Africa’s broad money supply growth, measured by the M3 aggregate, slowed in September 2026, signaling a moderation in liquidity expansion within the economy. Year-over-year, M3 increased by 7.93% in September, down from 8.89% in August 2026.

Both figures reflect annual comparisons, with the September reading measuring the change in M3 versus September a year earlier, and the August figure comparing to the same month a year before. The latest data, updated on 29 October 2026, indicate that while money supply continues to grow, the pace of that growth has decelerated on a year-over-year basis. This easing may be monitored closely by market participants and policymakers as they assess underlying monetary conditions and potential implications for inflation and credit dynamics in South Africa.