What happened? 
Domestic private sector credit growth slowed to +3.7% y/y in February from +4.6% y/y in January, marking the lowest year-on-year growth since July 2024, before the SARB began reducing interest rates.

February’s lower credit growth reading was primarily due to a notable slowdown in corporate credit demand (+4.5% y/y, down from +6.1% y/y in January), which was driven by lower investment and overdraft credit demand.