Ethel Hazelhurst of Business Report :
“Credit figures released yesterday signal that the recession continued into the second quarter, after the economy contracted sharply in the first.
Reserve Bank data showed that private sector credit extension (PSCE) fell by R27 billion in May – the largest monthly decline on record, according to Efficient Group economist Fanie Joubert.
Year-on-year growth in PSCE fell to 5.7 percent in May, way below an expected 8 percent and sharply down from 20 percent growth a year earlier.
Credit growth slowed despite a 4.5 percentage point cut in interest …