Africa is a long way off a common monetary union as the continent continues to struggle to harmonise economic policies, South Africa’s central bank Governor Tito Mboweni said on Tuesday. The Organisation of African Unity first mooted the idea of an African Central Bank and common currency in 1963.
South Africa Reserve Bank Governor Tito Mboweni said on Tuesday he would not speak on domestic monetary policy in a speech to a banking conference before an interest-rate decision later this week. ”I have been instructed not to speak about monetary policy here at home … there’s a meeting starting tomorrow [Wednesday], so I can’t speak about that,” he said.
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/ 28 September 2007
The Governor of the South African Reserve Bank, Tito Mboweni, said on Friday that while credit problems in the United States have given the global imbalance issue some impetus, South Africa also has its own imbalance with the current-account deficit at about 6% of GDP.
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/ 20 September 2007
South Africa’s central bank will continue to focus on its mandate to bring inflation to within its 3% to 6% target range, and would act decisively against broader price pressures, Governor Tito Mboweni said on Thursday. Forecasts suggested the CPIX inflation measure may return to within the target range in the second half of 2008.
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/ 6 September 2007
South African Reserve Bank Governor Tito Mboweni said on Thursday that while there were some tentative indications of a slowdown in consumption, such as vehicle sales, it was still "early days". Mboweni said that while the current account deficit was being adequately financed by financial inflows, there might be inflationary pressures in the future if the deficit widened.
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/ 4 September 2007
White women should be struck off a list of groups recognised as previously disadvantaged in terms of the employment equity legislation, the Black Management Forum said on Tuesday. In its written submission, the forum requested that the current employment equity legislation be amended to exclude white women as beneficiaries.
The inflation rate targeted by South Africa’s central bank quickened to 6,5% year-on-year in July, coming in above market expectations due to higher food prices. Statistics South Africa said on Wednesday that CPIX (consumer inflation less mortgage costs) accelerated from 6,4% in June, beating the consensus forecast of a 6,1% rate.
South Africa’s real gross domestic product (GDP) at market prices on a quarter-on-quarter seasonally adjusted annualised (saa) basis rose by 4,5% in the second quarter of 2007 from 4,7% in the first quarter of 2007, Statistics South Africa said on Tuesday. This comes after GDP rose as high as 5,6% in the fourth quarter of last year.