reserve bank

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Background

Local

Pietermaritzburg Economic Justice and Dignity Group expects lower food prices

By Rachel Mohamed The Pietermaritzburg Economic Justice and Dignity Group predicts food prices will drop after the Reserve Bank cuts 25 basis-point interest rates. Speaking on VOC Breakfast, the group’s programme coordinator, Mervyn Abrahams said improved power supply and lower fuel costs support this trend. He has however warned that drought in some provinces could impact certain prices. “Over the last few months, we have noted the cost reduction in […]

today26 September 2024

Local

SA Reserve Bank expected to keep interest rates unchanged

The Reserve Bank’s Monetary Policy Committee (MPC) is expected to keep the repo rate unchanged at 3.5%. The decision will be made public on Thursday afternoon at the conclusion of the committee’s three-day meeting. The committee has previously said it expected inflation to remain contained at 4.2% this year. In June, inflation went down from 5.2% to 4.9%. Economists say inflation is not something to be too concerned about at […]

today22 July 2021

Local

SA Reserve Bank expected to cut repo rate by 25 bps

Economist George Glynos says there are strong indications that the South African Reserve Bank will cut the repo rate by at least 25 basis points. The bank will on Wednesday announce the outcome of its Monetary Policy Committee meeting. The bank’s last MPC meeting in January decided to keep the repo rate unchanged at 6.75%. Glynos says many factors count in favour of a rate cut. [Source: SABC]

today28 March 2018

Local

Absa to challenge Public Protector

Absa says Advocate Busisiwe Mkhwebane's report is riddled with misconceptions and inaccuracies. The bank is taking it back to the High Court for review, saying her remedial action should be set aside. Officials say the report makes irrational and unreasonable legal conclusions, which have damaged the bank's reputation. Mkhwebane recommended that Absa pay over a billion rand in interest from a loan to its predecessor, Bankorp. The bank says it […]

today21 June 2017

Local

Reserve Bank to challenge public protector report

The Reserve Bank is set to challenge the public protector’s recommendation that its mandate be adjusted. The bank said in a statement on Tuesday that the ordered remedial action directing parliament to effect a constitutional amendment to the Reserve Bank’s powers had had an immediate and negative impact on the markets and the exchange rate of the rand. This comes after public protector Busisiwe Mkhwebane ordered parliament to amend the […]

today20 June 2017

Local

Sassa must choose a payment system urgently – Reserve Bank

Sassa needs to make a decision on its preferred system of paying out social grants to more than 17 million people, and it needs to do so urgently, the South African Reserve Bank says. The SARB presented before Parliament's portfolio committee on social development on Wednesday on its role in assisting the transfer of the grants scheme from the current service providers. SARB national payment head Tim Masela told the […]

today1 March 2017

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