South Africa’s central bank is willing to raise interest rates further if the inflation outlook worsens, the bank’s governor Tito Mboweni said on Thursday, urging consumers to cut debt. But he offered a reprieve to commercial banks, saying the Reserve Bank would hold off on raising reserve requirements to give them more time to curb high lending.
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/ 15 February 2007
South Africa looks set to unveil tax relief or incentives for companies and more money to cut widespread poverty in next week’s 2007 budget, thanks to another massive revenue overrun. But individuals are unlikely to receive significant relief due to already high, inflationary consumer spending, despite an expected budget surplus, analysts say.
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/ 22 January 2007
The power failures that plunged much of South Africa into darkness last week will not hurt economic growth or cost the nation nearly as much as some have predicted, Finance Minister Trevor Manuel said on Monday. Factories, mines and homes throughout Africa’s economic powerhouse lost electricity last Thursday without warning.
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/ 11 January 2007
South Africa’s economic confidence soared in December on forecasts of a firmer rand currency, tamer inflation and continuing solid expansion. A survey of 15 economists released on Thursday showed the Reuters econometer, a confidence measure of six weighted indicators, rose to 263,74 in December — its highest level since May last year — from 249,9 in November.
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/ 13 December 2006
South Africa’s annual retail-sales growth eased in October from a record high the month before, reducing pressure for more interest-rate hikes in 2007. Statistics South Africa data on Wednesday showed year-on-year retail sales at constant prices rose by 8,8% in October, easing from a revised 13,5% in the year to September.
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/ 7 December 2006
South Africa’s economic confidence rebounded in November on forecasts of a firmer rand currency and faster economic growth. A survey of 14 economists released on Thursday showed the Reuters econometer, a confidence measure of six weighted indicators, rose to 249,9 in November from 245,99 in October.
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/ 15 November 2006
The South African Reserve bank will remain resolute to keep inflation under control, and not hesitate to change monetary policy before Christmas if necessary, Governor Tito Mboweni said on Tuesday, signalling another rate hike.
The Reserve Bank has already raised its repo rate by 150 basis points since June to curb inflationary pressures, and most analysts expect more increases ahead.
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/ 2 November 2006
Lower oil prices have eased inflation risks in South Africa but it remains vulnerable to a rebound in the cost of crude and changes in global-investor sentiment, Reserve Bank Governor Tito Mboweni said on Thursday. South Africa’s Reserve bank has hiked interest rates by 150 basis points since June to tame rising inflation, stemming from fuel and food costs and robust consumer spending.
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/ 19 October 2006
South Africa’s main inflation rates are expected to have dipped in September on lower fuel and electricity prices, but the reprieve is unlikely to ward off further interest rate hikes. The annual increase in the targeted CPIX inflation index is likely to have remained steady at 5% last month, but headline inflation and factory gate prices are forecast to have fallen.
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/ 21 September 2006
South Africa’s deficit on the current account narrowed in the second quarter of 2006 while domestic spending slowed, easing fears interest rates would have to rise steeply in the continent’s biggest economy. The shortfall on the current account narrowed to 6,1% of gross domestic product from a 24-year record of 6,4% in the first quarter, the South African Reserve Bank said.