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Lower interest rates began his stamp on the economy print with previous moderate increases in lending in August further gained momentum. Private loans have grown by 2.9% from a revised 1.98% in July. Growth in M3 money supply, the broadest indicator of money circulating in the economy, grew by 4.38% from 3.7% in July increased. These figures show a reversal of the negative growth last year, but economists expect growth for credit only in single figures to continue. Mr. Johan Rossouw, an economist at Vunani Securities, said it was encouraging that credit growth through fundamental question of consumer driven. “The recovery could be more significant than is currently provided.” Against this background, the Reserve Bank less inclined now to be further lowered interest rates as it is the demand for credit may accelerate. In contrast, credit growth is still far from the more than 20% between 2004 and 2006 were the norm. Read the rest of this entry »