South African Credit Growth Slumps as Debt Costs Climb: Chart

Growth in credit extended to South African businesses and consumers through mortgages, credit cards and leases slowed in May to the lowest rate since December 2013. Demand for loans is being stifled by accelerating inflation and rising borrowing costs after the central bank raised its benchmark repurchase rate by 200 basis points to 7 percent since the start of 2014.

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