Growth in credit demand in South Africa’s private sector slowed sharply in May as companies curbed their borrowing.

South African bonds overlooked a weaker rand to open firmer on Friday after credit extension and money supply data surprised to the downside.

Growth in demand for private-sector credit eased to 15,3% year-on-year in November from a revised 16,36% in October, the SARB said on Wednesday.

South Africa’s credit growth rose slightly to 19,74% year-on-year in May, slightly above forecasts, data showed on Monday.