We were sitting at Casalinga restaurant on a particularly miserable day. All the patrons were crammed in on the patio overlooking the lawns.
The appointment of Gill Marcus as the new governor of the SA Reserve Bank was welcomed by political parties, business organisations and economists.
Jacob Zuma on Sunday named Gill Marcus as head of the central bank from November in an appointment that will probably be welcomed by investors.
President Jacob Zuma will not appoint Reserve Bank governor Tito Mboweni for another five-year term and will replace him with Gill Marcus.
South Africa’s central bank surprised markets by keeping its repo rate unchanged at 7,5% on Thursday on concerns about stubbornly high inflation.
SA’s central bank left its repo rate unchanged at 7,5% on Thursday, with concerns about inflation overriding worries about a faltering economy.
The deficit on South Africa’s current account widened more than expected to 7% in the first quarter of 2009.
A meeting between Numsa and the Reserve Bank to discuss inflation targeting is scheduled to take place on Thursday morning in Tshwane, the union said.
The pressure on the South African Reserve Bank to lower interest rates drastically is uncalled for, Sanlam economist Jac Laubscher said on Friday.
The South African Reserve Bank’s tolerance of rand gains appears to have ended as the rand gained strength in recent days, RMB said on Tuesday.
Numsa on Monday condemned Reserve Bank Governor Tito Mboweni’s refusal to accept a petition they wanted to hand over last week.
The South African Reserve Bank’s Monetary Policy Committee on Thursday cut the repo rate by 100 basis points to 7,5%.
ANC secretary general Gwede Mantashe warned trade unions on Thursday against public attempts to push the government to give in to demands.
Numsa on Wednesday expressed disappointment at the South African Reserve Bank’s failure to take delivery of a protest memorandum.
The government needed to revise its inflation target to combat South Africa’s first recession in 17 years, an economist said on Wednesday.
The SARB and South Africa’s top five banking institutions will set up a committee to study lending rates, SARB Governor Tito Mboweni said on Friday.
Commercial banks are not necessarily passing on the benefits of lower interest rates to consumers, Tito Mboweni said on Wednesday evening.
The SA Reserve Bank is expected to continue its aggressive monetary easing, which should help bolster domestic demand, economists said on Friday.
SA’s economy will remain lacklustre this year, helping to cool inflation, although expected electricity price increases pose a risk to the outlook.
With household spending cooling and businesses reining in production and investment and cutting staff, economic activity will be weak in 2009.
Better-than-expected credit extension and factory-gate inflation data this morning point to a cut in interest rates.
South Africa’s producer price index (PPI) rose by 5,3% year-on-year (y/y) in March from 7,3% y/y in February.
The increase in South Africa’s consumer price index was up 8,5% year-on-year (y/y) in March from 8,6% y/y in February.
South Africa’s central bank is likely to keep its aggressive monetary easing stance next week with a steep rate cut to boost the economy.
Tito Mboweni said on Tuesday he ”might not be surprised” to see another quarter of negative growth, which would send the economy into recession.
South Africa’s central bank cut its repo rate by 100 basis points to 9,5% on Tuesday, as expected, to help boost waning growth.
South Africa’s consumer inflation is seen quickening slightly in February on stubbornly high food costs.
Tito Mboweni announced on Wednesday that the South African Reserve Bank will now meet on March 23 and 24 to decide on interest rates.
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/ 26 February 2009
SA Reserve Bank governor Tito Mboweni said on Thursday an emergency Monetary Policy Committee meeting had not been called following poor growth data.
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/ 25 February 2009
South Africa’s targeted headline consumer price index inflation slowed to 8,1% year-on-year in January but was above forecasts.
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/ 7 February 2009
SA’s central bank monetary policy committee could meet again on interest rates before a scheduled April meeting, Governor Tito Mboweni said on Friday.
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/ 5 February 2009
SA’s economic growth prospects are deteriorating and monetary stimulation is ”not a bad idea”, Reserve Bank Governor Tito Mboweni said on Thursday.