The country's private sector credit growth slowed only a tad in October, dashing any hopes of a December rate cut.
On Friday, the South African Reserve Bank said that private sector credit growth had eased to an annual 16.17 percent in October from a revised 16.28 percent in September.
Efficient Group economist Dawie Roodt said the figure was worse than he had expected.
"I suspect that the culprit is still mortgage advancements."
Roodt said if he were the governor of the Reserve Bank, he would not cut rates in December.
"The credit growth number is just too high... If the number had shown a significant slowdown to around 13 or maybe even 14 percent, a rate cut could have been justified.
"Now we'll just have to wait until February next year for the cut," Roodt said.
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