The South African Reserve Bank published a Data Story in its September Quarterly Bulletin examining the rise in bank deposits held by South Africa’s non-financial companies (NFCs), which reached a record ZAR 1.8 trillion in July 2025, and assessing whether firms are “hoarding” cash or managing risk amid weak growth. The analysis traces the build-up in corporate deposits to the post-2020 pandemic period, when companies increased deposits by ZAR 166.9 billion, followed by a further ZAR 186.1 billion increase in 2024, the largest annual gain in the period cited. While part of the increase reflected inflation, the Reserve Bank links the broader trend to cautious spending under low economic growth and heightened uncertainty: after mid-2022, deposit growth outpaced nominal gross domestic product growth, and from late 2023 the gap between deposits and investment widened as uncertainty rose and business confidence remained subdued. The publication also corrected an earlier graph legend that had been mislabelled, which had implied public NFCs held more deposits than private NFCs.
South African Reserve Bank 2025-10-06
South African Reserve Bank data story shows non-financial companies held a record ZAR 1.8 trillion in bank deposits in July 2025
The South African Reserve Bank's September Quarterly Bulletin reports a record ZAR 1.8 trillion in bank deposits by South Africa’s non-financial companies as of July 2025. This trend is due to cautious spending amid weak economic growth and uncertainty, with deposit growth surpassing nominal GDP growth since mid-2022. A correction was made to a previous graph legend, clarifying that private NFCs hold more deposits than public NFCs.