Latest data up to end-May 2021, show that financial conditions have tightened slightly more. The average value of the FCI over the past 12 months was still down 10.4% compared with the average for the previous 12 months, but compared with only the month of May 2020, it was up 11.9%. Owing to the rise in the value of the rand during the past three months and the sharp decline in excess money growth, the average 3m/3m change in the indicator showed a rise of 10.2%, while the indicator rose by 1.6 m/m in May 2021.
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