The Reserve Bank’s Monetary Policy Committee (MPC) is expected to keep the repo rate unchanged at 3.5%. The decision will be made public on Thursday afternoon at the conclusion of the committee’s three-day meeting. The committee has previously said it expected inflation to remain contained at 4.2% this year. In[…]
Economist George Glynos says there are strong indications that the South African Reserve Bank will cut the repo rate by at least 25 basis points. The bank will on Wednesday announce the outcome of its Monetary Policy Committee meeting. The bank’s last MPC meeting in January decided to keep the[…]
Absa says Advocate Busisiwe Mkhwebane’s report is riddled with misconceptions and inaccuracies. The bank is taking it back to the High Court for review, saying her remedial action should be set aside. Officials say the report makes irrational and unreasonable legal conclusions, which have damaged the bank’s reputation. Mkhwebane recommended[…]
The Reserve Bank is set to challenge the public protector’s recommendation that its mandate be adjusted. The bank said in a statement on Tuesday that the ordered remedial action directing parliament to effect a constitutional amendment to the Reserve Bank’s powers had had an immediate and negative impact on the[…]
Sassa needs to make a decision on its preferred system of paying out social grants to more than 17 million people, and it needs to do so urgently, the South African Reserve Bank says. The SARB presented before Parliament’s portfolio committee on social development on Wednesday on its role in[…]
Consumers will have no choice but to tighten their belts as the country was hit with another repo rate hike on Thursday. As the economy slips further into a downward spiral, Reserve Bank governor Lesetja Kganyago announced a repo rate increase of 50 basis points to 6.75%. After revising the[…]
The Monetary policy committee (MPC) of the Reserve Bank raised the repo rate yesterday by 50 basis points to 6.75 percent. The repo rate goes on to determine the prime rate – now at 10.25 percent – and impacts all interest rates across the economy, including what you pay on[…]
With the Reserve Bank announcing the increase of the inflation rate for 2016, the Congress of South African Trade Union (Cosatu) has demanded that the government put in place steps to reduce the crippling effect the hike in the repo rate will have on the poor. The swell in inflation[…]
President Jacob Zuma has appointed Kuben Naidoo as deputy SA Reserve Bank governor, the presidency said on Friday. The position became vacant when former incumbent Lesetja Kganyago was appointed governor last year, spokesman Mac Maharaj said in a statement. Naidoo would assume his duties on April 1. He is currently[…]
The Supreme Court of Appeal (SCA) on Wednesday ordered the SA Reserve Bank (SARB) to repay entrepreneur Mark Shuttleworth R250 million plus interest in a case about exchange controls. In a statement on his website, Shuttleworth pledged to put the money, which must be repaid with interest, into a trust[…]
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