WEDNESDAY, 5.30PM
THE SA Chamber of Business said on Wednesday that business confidence declined slightly in July from 114,6 to 114,4 as the country anxiously awaits a relaxation in monetary policy.
Sacob economic policy director Ben van Rensburg said on Wednesday consumers are under severe pressure from the sustained high interest rate environment. He said should Reserve Bank governor Chris Stals wait too long to reduce the Bank rate, the “window of opportunity” to avoid a possible recession may be lost.
Sacob director-general Raymond Parsons said business will be pressing the case for a relaxation of monetary policy during talks with Stals on August 14. The talks form part of the build-up to the Reserve Bank governor’s annual address, scheduled for August 26.