The Reserve Bank has decided to raise the repo rate by 25 basis points, taking it to 5.75%, Governor Gill Marcus said on Thursday. "The Monetary Policy Committee (MPC) has decided to continue on its gradual normalisation path and raise the repurchase rate by 25 basis points to 5.75% per annum, effective from Friday, 18 July," said Marcus. The governor said given the expected inflation trajectory, the real repurchase rate remains slightly negative and well below its longer term neutral … [Read more...] about Repo Rate hike reaction
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Marcus warns of tough economic times ahead
South African Reserve Bank Governor Gill Marcus says emerging markets will be faced with a difficult year ahead due to global economic contractions. South Africa falls under emerging economies and has, due to domestic issues related to labour unrests, seen its growth slow down to 0.6% in the first quarter of 2014. Releasing the Reserve Bank's annual report for 2013/ 14 on Wednesday, Marcus said in her foreword that while the bank did not have the mandate or policy levers to address some of … [Read more...] about Marcus warns of tough economic times ahead
Reserve Bank unlikely to intervene to stabilise rand
While the rand is expected to remain volatile, the Reserve Bank is unlikely to intervene in the market to try to stabilise the currency, says Governor Gill Marcus. Speaking at the European Economic and Financial Centre in London on Tuesday, the governor said the currency has followed a volatile trend and that this trend is expected to continue. "While the exchange rate has been an important shock absorber for the South African economy, some concern has been expressed regarding its … [Read more...] about Reserve Bank unlikely to intervene to stabilise rand
Refresher campaign on Mandela Banknote series
The South African Reserve Bank (SARB) today launched a refresher campaign, marking 12 months since the introduction of the new series of Mandela Banknotes on 6 November 2012. To coincide with this anniversary, SARB has introduced a new security feature in the form of little dots that will now appear on the front and back of all Mandela banknotes. "Enhancing features on banknotes is an on-going process to maintain the highest level of quality and security. This is in line with international … [Read more...] about Refresher campaign on Mandela Banknote series
No change in repo rate
Reserve Bank Governor, Gill Marcus, has announced that the repo rate is to remain unchanged at 5 percent per annum. The Reserve Bank’s Monetary Policy Committee held its bi-monthly meeting this week. "The MPC has decided to keep the repo rate unchanged at 5 percent per annum," said Marcus at the end of the meeting on Thursday. The repo rate has remained at 5 percent for the last 12 months. - SAnews.gov.za Editor: I challenge anyone to increase the Repo Rate on Mandela Day - could … [Read more...] about No change in repo rate
Industrial Action Drives GDP down
The SA Gross Domestic Product for the third quarter is expected to come in lower than the growth seen in the second quarter, largely due to recent industrial action in the mining sector. "We expect GDP to have expanded by 1.4% quarter-on-quarter from the 3.2% quarter-on-quarter in the second quarter owing to a steep contraction in mining production," said Absa Capital in its economic commentary on Monday. Statistics South Africa will release the third quarter’s figures on Tuesday. Analysts … [Read more...] about Industrial Action Drives GDP down
Repo rate to remain unchanged at 5%
The Monetary Policy Committee has kept the repo rate unchanged at 5% in line with market expectation, Reserve Bank Governor Gill Marcus said on Thursday. "Although global and domestic growth conditions remain challenging, the MPC is of the view that a further reduction in the repurchase rate is not appropriate at this stage. The MPC has therefore decided to keep the repurchase rate unchanged at 5% per cent per annum," said Marcus. Since the previous meeting of the MPC in July - at which … [Read more...] about Repo rate to remain unchanged at 5%
Repo Rate Unchanged at 5.5%
Much to the expectation of analysts, the Reserve Bank has decided to keep the repo rate unchanged at 5.5% at the first meeting of the Monetary Policy Committee this year. "The Monetary Policy Committee has decided to keep the repurchase rate unchanged at 5.5% per annum," Reserve Bank Governor Gill Marcus said on Thursday, at the end of the meeting. The central bank said the main downside risk continued to come from global economic developments. Before the announcement analyst David … [Read more...] about Repo Rate Unchanged at 5.5%
Rates Remain Unchanged at 5.5%
The Reserve Bank's Monetary Policy Committee (MPC) has left rates unchanged at 5.5%, Governor Gill Marcus said on Thursday. "The MPC has decided to keep the repurchase rate unchanged at 5.5 percent per annum, for the time being. The MPC is however concerned at the potential impact of the current global turmoil on domestic economic prospects and stands ready to act appropriately should the need arise," said Marcus on Thursday. Since the MPC's last meeting in July, downside risks to both the … [Read more...] about Rates Remain Unchanged at 5.5%
Rates Unchanged at 5.5%
The Reserve Bank's Monetary Policy Committee (MPC) has kept rates unchanged at 5.5 percent per annum in line with market expectation. Reserve Bank Governor Gill Marcus on Thursday said since the previous meeting of the MPC in January, risks to the outlook for domestic inflation have increased on the upside, due mainly to cost push pressures. The prognosis for domestic growth has improved with the recovery expected to be sustained. The Bank said household consumption expenditure has been … [Read more...] about Rates Unchanged at 5.5%
Tell Us Something we DON’T Know!
South Africa's job creation remained sluggish, despite the recovery in the country's economic activity, the Quarterly Bulletin said on Tuesday. According to the Reserve Bank's March Quarterly Bulletin, the pace of job creation in the past 18 months has been sluggish, with formal non-agricultural employment increasing moderately in the third quarter of 2010. In the private sector, employment levels remained roughly unchanged in the third quarter while employment levels in public sector … [Read more...] about Tell Us Something we DON’T Know!
Repo Rate Unchanged at 5.5 percent
South Africans hoping for another rate cut will be disappointed to learn that the central bank has kept rates unchanged at 5.5 percent. "The MPC has therefore decided to keep the repurchase rate unchanged at 5, 5 percent per annum. At this stage there are no signs of incipient excess demand in the economy, and unless there are significant unexpected changes in the global or domestic outlook the monetary policy stance is expected to remain relatively stable for some time," Reserve Bank … [Read more...] about Repo Rate Unchanged at 5.5 percent
