Repo rate drops to 3.5% as Reserve Bank predicts a 7.3% contraction in South Africa’s GDP
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/ 25 November 2008
South Africa’s economic growth rate slowed to 0,2% in the third quarter of 2008, official data showed on Tuesday.
South African Reserve Bank Governor Tito Mboweni has raised the repo rate, at which the South African Reserve Bank lends money to banks, by 50 basis points to 11,5% following a two-day meeting of the bank’s monetary policy committee. The prime overdraft rate therefore increases to 15%.
The increase in South Africa’s consumer price index excluding mortgage rate changes (CPIX) for metro and other areas, which is used by the South African Reserve Bank for its inflation target, was 9,4% year-on-year in February from 8,8% in January. The key drivers were higher food and petrol prices.
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/ 18 February 2008
The goal posts for Finance Minister Trevor Manuel’s spending plans in Wednesday’s national budget were carefully placed last October when he revealed his medium-term expenditure framework. However, political change and the dramatic change in economic outlook caused by the electricity crisis have set the posts whirling.
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/ 19 December 2007
South African consumer inflation raced further away from the central bank’s band in November, backing the case for another interest rate rise, despite a slowdown in retail sales. The targeted CPIX gauge — which strips out mortgage costs — jumped to 7,9% year-on-year from 7,3% in October.
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/ 19 December 2007
South Africa’s targeted CPIX inflation rate quickened to 7,9% year-on-year in November from 7,3% in October, official data showed on Wednesday. Statistics South Africa also said that the all-items consumer price index increased by an annual rate of 8,4%, compared to 7,9% in October.
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/ 6 December 2007
South African Reserve Bank Governor Tito Mboweni on Thursday raised the repo rate by 50 basis points following a two-day meeting of the bank’s monetary policy committee. The increase pushes the repo rate to 11%, the prime overdraft rate to 14,5% and the tightening cycle that began in June last year to 400 basis points.
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/ 31 October 2007
South Africa recorded a trade deficit of R4,3-billion in September, compared to August’s R9,1-billion shortfall, the South African Revenue Service said on Wednesday. Economists polled by Reuters last week had forecast a deficit of R6,4-billion, but the number is notoriously volatile and hard to predict.