Surprise move: SARB’s Lesetja Kganyago announces interest rate cut
SA Reserve Bank governor Lesetja Kganyago announced on Thursday that the Monetary Policy Committee has decided to cut the interest rates.
SA Reserve Bank governor Lesetja Kganyago announced on Thursday that the Monetary Policy Committee has decided to cut the interest rates.
Pressure on the rand seemed to ease on Monday, after the market overreacted to an African National Congress policy motion last week that could see the nationalisation of the South African Reserve Bank.
The Rand’s three-month implied volatility jumped 55 basis points to 16.33 percent, the highest among emerging-market peers. That suggests options traders expect wider price swings in coming months.
Minister of Finance Malusi Gigaba is challenging the controversial Absa-Bankorp report in full, seeking to strike it down on review.
The South African Reserve Bank said the remedial action proposed by the Public Protector to have its mandate changed had a damaging effect on the country.
Parliament has joined Absa and the South African Reserve Bank in heading to court to get Public Protector Busisiwe Mkhwebane’s remedial action set aside, as they believe it is unlawful.
Well known economist Azar Jammine unpacks the recent Public Protector’s statement, arguing that the road she’s chosen is a one way ticket to Venezuela.
Absa has decided to approach the High Court in order to have Public Protector Busisiwe Mkhwebane’s report on the Bankorp reviewed and set aside.
The remedial action proposed will have a negative impact on the independence of the Reserve Bank, says SARB in a statement.
The World Bank has lowered its estimates for South Africa’s economic growth between 2017 and 2019, it revealed in a report.