Workers carry out repairs at the Tutuka coal-fired power station in Mpumalanga. File photo: Waldo Swiegers/Bloomberg
This growth was partly the result of base effects, the post-pandemic normalisation of production activity, the repairing of infrastructure damaged by the floods in 2022, as well as the funding of the latest bid windows of the— aimed at bringing additional megawatts to the country’s electricity system through private sector investment.
The quarterly bulletin’s analysis of South Africa’s credit trends comes as interest rates have reached a 14-year high, a result of the Reserve Bank’s efforts to rein in runaway inflation. The bank’s monetary policy committee has hiked the cost of borrowing 10 consecutive times since November 2021.
The Reserve Bank’s Financial Stability Review, released in May, flagged elevated credit growth — despite deteriorating economic conditions — as something that should be closely monitored.
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