Tag: Reserve Bank
The COVID-19 lock-down is expected to cost South Africa’s economy over one trillion rand in lost output. One of the ways to fund South Africa’s recovery could be for the Reserve Bank to follow its peers globally and print money – a move, which up to now, the bank has been reluctant to do. That’s the view of Professor Brian Kantor, Chief Strategist & Economist at Investec Wealth & Investment.
Covid-19 and South Africa's downgrade to junk will truly test South African financial markets.
South Africa’s net foreign reserves rose to $44.897 billion in December from $44.415 billion in November, Reserve Bank data showed on Wednesday.
The South African Reserve Bank is likely to cut interest rates by a quarter of a percent next week as a slowdown in the economy during the first three months of the year could turn worse if left unchecked, a Reuters poll showed on Thursday.
The Minister of Finance, Mr Tito Mboweni, after consultation with Cabinet, has appointed an Interim Board of Directors (BoD) at the Public Investment Corporation (PIC).
The ANC seems divided after Secretary General Ace Magashule told a news conference on Tuesday that the party’s executive had “agreed to expand the mandate of the South African Reserve Bank beyond price stability to include growth and employment however senior ANC economic official Enoch Godongwana said there was “no decision” to expand the bank’s mandate.
South Africa’s President Cyril Ramaphosa clarifies government’s plans for nationalisation of the central bank.
The rand has lost 11.9 per cent since the beginning of August as the sell-off in emerging markets continued triggered by the Turkish Lira. And locally there has been investor apprehension to land expropriation without compensation and the Economic Freedom Fighters tabling an amendment bill to nationalise the Reserve Bank. CNBC Africa’s Karabo Letlhatlha caught up with Finance Minister Nhlanhla Nene and his deputy at the financial results of the land bank and started by asking them about investor apprehension in the face of expropriation.
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