"Interest Rates are very high" - Mboweni

Fri, 06 Feb 2009 09:44
CNBC EXCLUSIVE INTERVIEW

As anticipated, the Reserve Bank cut interest rates by a full percentage point yesterday taking the bank's repo rate to 10,5%. The market is likely to see rate cut of a similar magnitude, particular because reserve bank governor Tito Mboweni indicated that he had been gunning for 200 basis points.

Bronwyn Nielson caught up with the governor soon after the rate decision.