# South Africa Narrow Money (M1)

South Africa Narrow Money (M1) was up 7.2% year on year in September 2026, compared with 9.1% in August 2026.
The level stood at 3,210,562 ZAR millions.
Among the 9 economies Makrognosis covers on this measure, it is the 2nd highest.
Over the past ten years it has ranged from 1.1% (May 2024) to 20.0% (Nov 2020), averaging 7.8%.

- Source agency: South African Reserve Bank (SARB) Web API
- Makrognosis code: `ZA.M1.M.NSA`
- Frequency: monthly
- Units: ZAR millions
- Coverage: 1996-01-31 to 2026-09-30 (369 observations)
- Page: https://makrognosis.robomacro.com/data/south-africa/narrow-money-m1

## Recent data

| Period | Value | Y/Y % |
|---|---:|---:|
| September 2026 | 3,210,562 ZAR millions | 7.2 |
| August 2026 | 3,204,984 ZAR millions | 9.1 |
| July 2026 | 3,000,540 ZAR millions | 2.4 |
| June 2026 | 3,158,510 ZAR millions | 9.2 |
| May 2026 | 3,140,298 ZAR millions | 14.2 |
| April 2026 | 3,023,919 ZAR millions | 9.6 |
| March 2026 | 3,157,977 ZAR millions | 9.8 |
| February 2026 | 2,899,449 ZAR millions | 7.7 |
| January 2026 | 2,905,951 ZAR millions | 7.7 |
| December 2025 | 2,920,580 ZAR millions | 7.9 |
| November 2025 | 3,063,608 ZAR millions | 13.5 |
| October 2025 | 2,875,403 ZAR millions | 2.9 |
| September 2025 | 2,994,582 ZAR millions | 6.5 |
| August 2025 | 2,939,003 ZAR millions | 10.8 |
| July 2025 | 2,929,391 ZAR millions | 6.8 |
| June 2025 | 2,893,682 ZAR millions | 6.5 |
| May 2025 | 2,749,394 ZAR millions | 6.2 |
| April 2025 | 2,759,185 ZAR millions | 5.9 |
| March 2025 | 2,877,354 ZAR millions | 9.9 |
| February 2025 | 2,691,991 ZAR millions | 2.8 |
| January 2025 | 2,698,455 ZAR millions | 2.9 |
| December 2024 | 2,706,198 ZAR millions | 4.9 |
| November 2024 | 2,698,341 ZAR millions | 3.6 |
| October 2024 | 2,793,692 ZAR millions | 9.3 |

## API

```
curl -H "X-API-Key: $MAKROGNOSIS_KEY" \
  "https://makrognosis.robomacro.com/v1/series/ZA.M1.M.NSA"

# Python
import requests
r = requests.get("https://makrognosis.robomacro.com/v1/series/ZA.M1.M.NSA",
                 headers={"X-API-Key": KEY})
obs = r.json()["observations"]
```