The South African Reserve Bank (SARB) has cut the repo rate by 25 basis points. Allow me to add to the national public debate today. At this stage, the sustainability of that recovery remains uncertain, and global markets remain in risk-off mode. South Africa’s lockdown has been extended by an additional 14 days, bringing the total lockdown period to 35 days. Reserve Bank Governor Lesetja Kganyago said that the country's economy was under pressure and growth forecasts in negative territory. Fortunately, central bank governors tend to get a lot of advice, and I have been particularly well-supplied with suggestions for SARB policy recently. Currently the repo rate is at an all-time low of 3.5%, while the prime lending rate is 7%. It is now clear that the COVID-19 outbreak will produce the worst economic downturn in a century. Credit risk has risen back to 2008 levels and about R100 billion of local assets have been sold by non-resident investors. Meanwhile, Minister of Finance, Tito Mboweni says that a conversation between him and the Governor of the South African Reserve Bank, Lesetja Kganyago, is taking place regarding what to do in the current pandemic. Against this backdrop, the MPC decided to cut the repo rate by 100 basis points. Second, the scale of asset buying we do should follow from a clear sense of why markets have been malfunctioning. The South African Reserve Bank (SARB) has cut the repo rate by 25 basis points. Central banks can provide liquidity, while challenges like fiscal sustainability are best dealt with elsewhere. The intellectual heritage of inflation targeting traces back to the study of the Great Depression, so we can say that depression fighting is ‘in its genes’.Full speech, Copyright 2020 Government of South Africa. SOUTH AFRICAN RESERVE BANK UNEXPECTEDLY CUTS RATES 17TH JANUARI 2020 The South African Reserve Bank unexpectedly cut rates yesterday alongside downgrades to both their CPI and growth projections from November's forecasts. Conducting any of them successfully is made possible by our inflationtargeting framework and the flexible approach we take to it. International food prices have eased and local food price inflation is expected to remain low, in part due to higher domestic production levels. ... we maintain our call for the policy rate to end 2020 … The US Federal Reserve has taken further steps to expand its balance sheet. University of Pretoria, Pretoria 7 September 2020. The South African Reserve Bank said on Tuesday that it expects the country’s gross domestic product (GDP) in 2020 to contract by 6.1%, compared with the … South African Reserve Bank 4.3 Pretoria, Gauteng The purpose of this position is to develop a fit-for-purpose infrastructure (e.g. German Ambassador Dr Martin Schaefer is to hand over Germany’s highest tribute to Deputy Governor Mminele on 23 January 2018, at a ceremony also toRead More Click on the links below to view the banknotes signed by each Governor of the South African Reserve Bank: Ms G Marcus Mr T T Mboweni Dr C L Stals Dr G P C De Kock Dr T W De Jongh Dr G Rissik Dr M H De Kock Dr J Postmus Dr W H Clegg Lesetja Kganyago, the governor of the South African Reserve Bank, will have much to contemplate at the bank's Monetary Policy Committee meeting, which will conclude on Thursday. MPC Statement 21 May 2020 Page 1 South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 21 May 2020 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the April meeting of the Monetary Policy Committee (MPC), the Covid-19 Governor of the SA Reserve Bank Lesetja Kganyago. Photo: mike hutchings/Reuters Aug. 29, 2017 12:15 pm ET He is the Governor of the South African Reserve Bank (SARB). Lesetja Kganyago (48) has been appointed as the next governor of the South African Reserve Bank following Gill Marcus’ resignation at the end of … Third, we need more clarity around the mechanics of central bank asset purchases, quantitative easing (QE), and the ‘zero lower-bound’. Opening remarks by Ms Fundi Tshazibana, Deputy Governor of the South African Reserve Bank at the Market Practitioners Group Forum 6 November 2020 Ladies and gentlemen, good morning and welcome to the Market Practitioners Group (MPG) Forum. Click on the links below to view the banknotes signed by each Governor of the South African Reserve Bank: Ms G Marcus Mr T T Mboweni Dr C L Stals Dr G P C De Kock Dr T W De Jongh Dr G Rissik Dr M H De Kock Dr J Postmus Dr W H Clegg The timing and size of these contradictory impulses suggests that they are not perfectly offsetting, with weaker inflation in the near term likely giving way to higher inflation later in the forecast period. JOHANNESBURG--The South African Reserve Bank on Thursday kept its main repo rate at 3.5%, even as it forecast that Africa's most developed economy will shrink 8% this year. Electricity pricing remains a concern but has moderated somewhat. Welcome to the Reserve Bank of Vanuatu's website. South Africa’s President Cyril Ramaphosa reappointed Lesetja Kganyago to a five-year term as the governor of the South African Reserve Bank in move that is likely to be cheered by markets. Monetary policy however cannot on its own improve the potential growth rate of the economy or reduce fiscal risks. CAPE TOWN - South African Reserve Bank Governor Lesetja Kganyago said that the bank's COVID-19 response could be described as aggressive. The overall risks to the inflation outlook at this time appear to be to the downside. All protocols observed. (Photo: Waldo Swiegers / Bloomberg via Getty Images) The good news is that the South African Reserve Bank surprised us with a … CAPE TOWN - South African Reserve Bank Governor Lesetja Kganyago said that the bank's COVID-19 response could be described as aggressive. The South African Reserve Bank, the coronavirus shock, and ‘the age of magic money’. 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