Latest data up to end-April 2021, show that financial conditions have started to tighten over the past few months. The average value of the FCI over the past 12 months was still down 12.5% compared with the average for the previous 12 months, but compared with only April 2020, it was up 8.7%. 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 7%, while the indicator rose by 3.2 m/m in April 2021.
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