JOHANNESBURG (Reuters) &#8211; Formally adding unemployment or economic growth to the South African central bank’s mandate would risk policy mistakes and hurting its credibility, Governor Lesetja Kganyago said on Wednesday.



The Reserve Bank (SARB) has long been under pressure to take more drastic measures to revive growth in Africa’s most advanced economy, with calls for the bank to slash lending rates and finance government through quantitative easing (QE).



The bank has cut rates by 300 basis points in 2020 to a record-low 3.50%.



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And in March it launched a bond-buying program, purchasing government debt in the secondary market to ease a liquidity collapse in the capital markets prompted by the COVID-19 pandemic.



But with the economy, already in recession before the coronavirus and set to contract by more than 7% this year, and the government budget nearing double-digits deficit, labour and some politicians have called for more drastic action, including a widening of the bank’s mandate.



“The problem is that formally adding an extra mandate, in the context of our propensity to stagflation, could encourage policy mistakes and weaken credibility,” Kganyago said in a speech broadcast virtually by the University of Pretoria.



“While we would all like South Africa to reach permanently high growth, this is beyond the powers of a central bank,” Kganyago said, adding the bank would stick to inflation-targeting policy.



“We are in very difficult circumstances, but QE isn’t the answer. We need to focus on real solutions.”

South African Reserve Bank Governor Lesetja Kganyago Interview

S.Africa’s economic woes bigger than monetary policy -cenbank governor

JOHANNESBURG (Reuters) &#8211; The South African central bank further cut its government bond purchases in July, buying 2.5 billion rand ($142 million) worth, or half the amount it bought in June, to bring its total holdings to 38.4 billion rand, data showed on Friday.



Rampant selling of government debt in March and April, as the coronavirus struck, forced the bank into emergency liquidity measures, including a quantitative easing style purchase of bonds in the secondary market.



At its rate meeting two weeks ago, when the bank clipped lending rates by 25 basis points, governor Lesetja Kganyago stressed the bond buying was to support liquidity rather than finance government’s ballooning budget deficit.



In May, National Treasury upped the weekly amount of debt on auction by nearly 2 billion rand.



Local banks and asset mangers have mostly taken up the increased supply, but foreign investors have reduced their holdings to an eight-year low at 30.1%.



($1 = 17.5639 rand)

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South African central bank cuts bond buys to 2.5 bln rand in July

JOHANNESBURG (Reuters) &#8211; South Africa’s central bank will extend its tool kit to manage market liquidity by adding short-term, bilateral reverse repurchases of government bonds from commercial banks, it said on Friday.



The South African Reserve Bank (SARB) has taken a number of measures since March to manage market liquidity as the spread of the coronavirus crisis globally hit demand for government bonds, including the launch of a bond-buying programme.



The bank has decided to expand such operations, it said in a statement, with changes to be introduced from Aug. 3.



“The SARB will commence conducting short-term buy-sell backs, of up to one month, with commercial banks on a bilateral basis for the purposes of managing money market liquidity,” it said, using a term for reverse repurchases.



The programme would be on an ad-hoc basis, it said, while the sum on offer would be at the SARB’s discretion.



It added that the SARB would also apply greater flexibility by allotting debentures and long-term reverse repurchases at a wider variety of rates.

south-african-flag-1486137288VYk

South Africa’s central bank plans more reverse bond repurchases

JOHANNESBURG (Reuters) &#8211; South Africa’s rand weakened early on Friday after the central bank cut interest rates on Thursday and signalled it may have reached the end of its easing cycle.



At 0645 GMT the rand was up 0.03% to 16.6700 per dollar, after falling to 16.7350 overnight, its weakest in four sessions — missing a brief emerging-market advance that had seen most risk currencies climb.



The central bank’s five-member monetary policy committee on Thursday voted three to two for a 25-basis-point rate cut to a record low of 3.50%. The rate cut had been expected. 



Analysts said steadier rates in the final half of the could see the rand add to its recovery, with excess liquidity from stimulus programs in developed markets favouring risk assets.



In the current sessions, investor attention turned back to global issues, foremost among them tension between China and the United States.



“Relatively riskier assets, including the rand, are trading defensively as market sentiment deteriorated even further overnight due to an escalation of US-Sino tensions,” said economists at ETM Analytics in a note.



On Thursday, China ordered the United States to shut its Chengdu consulate, in retaliation for the closure of a Chinese consulate in Texas, in a tit-for-tat battle that may have implications for global trade and a growth recovery.



Bonds were weaker in early trade, with the yield on the benchmark 2030 government issue up 7.5 basis points to 9.195%.

south-africa-cape-town-griqua-town-r5-griqua-town-coin

South Africa’s rand weaker after central bank rate cut

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As mentioned previously, the South African Reserve Bank has lowered the repo rate by 25 basis points, to 3.5 per cent. Joining CNBC Africa to look at how this further cut of interest rates means for South Africa locally and internationally are Annabel Bishop, Chief Economist at Investec and Elina Ribakova, Deputy Chief Economist at the Institute of International Finance.

SA Reserve Bank cuts repo rate by 25 basis points

JOHANNESBURG (Reuters) &#8211; South Africa’s central bank cut its main lending rate by a further 25 basis points on Thursday, to a new record low of 3.50%, as the COVID-19 pandemic strangles the economy and keeps a lid on inflation.



The decision comes on top of 275 bps of rate cuts earlier this year and was in line with the prediction of 13 of 28 economists in a recent Reuters poll.



“The (monetary policy) committee notes that the economic contraction and slow recovery will keep inflation well below the midpoint of the target range for this year,” Reserve Bank Governor Lesetja Kganyago told a news conference.



“Inflation is expected to be well contained over the medium-term, remaining close to the midpoint in 2021 and 2022.”



The central bank met after data last week showed that consumer inflation fell to 2.1% year on year in May, its lowest in more than 15 years, from 3.0% in April.



That is below the bank’s target range of 3% to 6%.



The central bank now expects gross domestic product to contract 7.3% in 2020, versus an earlier prediction for a 7.0% contraction.



South Africa has recorded the most coronavirus cases in Africa, with total infections just shy of 400,000 and rising by more than 10,000 a day in recent days.

South Africa cuts rates further as COVID-19 strangles economy

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Economists are divided in their expectations of the MPC rate decision taking place today. Some are suggesting a rate hold as it’s close to the bottom of the cycle, and others expecting a 25 basis point cut which would make it the lowest interest rate point in decades. PwC expects no change in the rates this afternoon and joining CNBC Africa for more is Christie Viljoen, Economist at PwC.

PwC expects a hold on MPC rates today

PwC expects a hold on MPC rates today, here’s why

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Ahead of the conclusion of this week’s Monetary Policy Meeting, Absa has predicted that the South African Reserve Bank will cut the repo rate by 50 basis points. Joining CNBC Africa to unpack these predictions is Peter Worthington, a Senior Economist at Absa Group.

Another rate cut on the cards tomorrow

Another rate cut on the cards tomorrow, says Absa’s Peter Worthington

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Economists are divided in their expectations of tomorrow’s MPC decision, with some suggesting a rate hold as it’s close to the bottom of the cycle, and others expecting a 25 basis point cut which would make it the lowest interest rate point in decades. Sanisha Packirisamy, Economist at Momentum Investments joins CNBC Africa for more.

Economists divided over SARB’s rate decision

JOHANNESBURG (Reuters) &#8211; South Africa’s Reserve Bank is expected next week to cut its repo rate for the fifth time this year, most likely by 25 basis points to an all-time low of 3.5% as the COVID-19 pandemic batters the economy, a Reuters poll found.



The SARB cut rates in May by 50 basis points after the economy was shut down to limit the spread of the novel coronavirus. That followed two aggressive 100 basis point cuts in succession in March and April.



But the decision at the July 23 meeting is in the balance. The July 9-16 poll found 13 of 28 economists expected a 25 basis point cut and two expected 50 basis points to 3.25%. Thirteen said the Bank would leave rates unchanged.



“Given growth risks, the SARB will be willing to ease further, perhaps even accommodating a negative real repo rate temporarily in 2021,” Razia Khan, head of research for Africa and the Middle East at Standard Chartered, said.



“Although the SARB introduced secondary-market bond purchases in March, this was in response to significant market dislocations. Monetary accommodation is likely to happen through more conventional rate cuts,” Khan added.



The local bond yield curve had steepened in recent months as investors fretted over the long-term sustainability of gross debt.



Median forecasts from the poll suggest rates are expected to be left at 3.5% for the remaining September and November meetings this year. The SARB may then raise the repo rate to 3.75% next year.



Still, annual inflation in South Africa has moderated sharply to 2.1% and is expected to average 3.4% this year before quickening to 4.1% next year. That is still within the Reserve Bank’s comfort level of 3-6%.



South Africa’s economy in the last quarter is expected to contract 38.7%, the poll found. That would be the most since comparable records began in 1993, the year before South Africa held its first fully democratic elections.



It would follow a 2.0% contraction reported for the first quarter of the year, before Africa’s second-largest economy largely shut down in March.



The economy is forecast to partially bounce back by an annualised 19.3% in the three months to September and grow in all of the following quarters. That would likely mean 3.5% growth next year following an 8.0% contraction this year.

South_African_Reserve_Bank_Pretoria_1989

POLL: S.Africa’s Reserve Bank to cut rates again, by modest 25 bps

JOHANNESBURG (Reuters) &#8211; The South African central bank reduced its government bond purchases to 5 billion rand ($292.64 million) in June, half the monthly average, bringing its bond holdings to 35.9 billion rand, data showed on Tuesday.



The Reserve Bank began a series of emergency liquidity measures in late March to ease the stress on banks and capital markets caused by the coronavirus pandemic. Among them were extra repo auctions and 275 basis points worth of lending rate cuts.



The bank has since slowed those support measures as local financial markets recovered, resisting calls from labour and some economists to resort to full-blown quantitative-easing-style funding of government’s gaping budget deficit.



The bank’s June statement of assets and liabilities showed its accommodation to commercial banks via repurchase, or repo agreements, had fallen to 60 billion rand in June from 73.5 billion in the previous month.



In May, the central bank reduced overnight repo auctions to one per day from the two it implemented to pump liquidity to commercial banks.



Bond yields have returned to near pre-COVID-19 levels and the rand has recovered from record lows, although that recovery remains fragile with the economy contracting for the consecutive time in the first quarter.



($1 = 17.0626 rand)

South African central bank reduces bond purchases to 5 bln rand in June

JOHANNESBURG (Reuters) &#8211; South Africa’s central bank has issued a 3.45 billion rand ($200 million) guarantee to bail out the Corporation for Public Deposits (CPD), a government investment arm hit by surging defaults at state agricultural lender Land Bank.



The issue adds a further strain on state finances as the government props up its main power utility and airline, which were already struggling before the coronavirus crisis, and now faces rising defaults at the agricultural lender.



CPD, which purchased various debt instruments from Land Bank, said overall it suffered a 2.8 billion rand loss in the 2019/20 financial year, necessitating the central bank bailout.



Deputy governor of the Reserve Bank (SARB) and chairwoman of the CPD, Fundi Tshazibana, told Reuters in an interview this week the guarantee was to cover the investment arm’s losses in the 2019/20 period and replenish reserves, which had dwindled to zero.



“We had to provision for what we will not be able to recover from the Land Bank. That was one of the reasons why we (central bank) had to provide the guarantee,” said Tshazibana.



“Because of the Land Bank default, we were running at a loss and we weren’t going to be a going concern&#8230;That would have been of real concern to depositors,” she added.



In April the Land Bank, the country’s largest agricultural-focussed lender, defaulted on 50 billion rand of loans repayments and in June it failed to make interest payments of nearly 120 million rand.



On Friday the Land Bank told Reuters it had not made interest payments of around 320 million rand on debt which was due end June.



The South African Treasury guarantees around 5.7 billion of the Land Bank’s debt and last week granted the firm 3 billion rand of emergency equity funding.

Land Bank default forces S.Africa’s central bank into $200 mln bailout of state investment arm

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Next week expects a crucial budget that could decide the trajectory of the post Covid-19 economy. Finance Minister Tito Mboweni will deliver his emergency budget on Wednesday the 24th. Meanwhile there’s a budget issue. The South African Reserve Bank is to resist the call from government to finance it growing budget deficit with aggressive quantitative easing. According to Governor Lesetja Kganyago it could add even more strain on the National Treasury and the large-scale quantitative easing could bankrupt the central bank. Maarten Ackerman, Chief Economist for Citadel joins CNBC Africa for more.

COVID-19: What to expect from finmin Mboweni’s emergency budget

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In the next few hours the South African Reserve Bank governor is due to announce the MPC rate decision, which many analysts believe that there will be a rate cut of 50 Basis points. Joining CNBC Africa to give insight on South Africa’s monetary stimulus support during Covid-19 is Razia Khan, Chief Economist for Africa and the Middle East at Standard Chartered Bank.

StanChart on SA’s COVID-19 monetary policy response

South Africa&#8217;s Minister of Economic Development Ebrahim Patel said that the country could rapidly move to phase 3 of lockdown should it avoid a sharp increase in levels of infections as 1.5 million people prepare to return to work as the country <a href="https://www.cnbcafrica.com/wp-content/uploads/2020/05/Risk-Adjusted-Strategy-Regulations-29-April-2020.pdf">enters phase 4</a>. See the full statement below&#8230;



Parliament, Friday, 1 May 2020 – The Portfolio Committee on Trade, Industry and Competition, together with the Select Committee on Trade and Industry, Economic Development, Small Business, Tourism, Employment and Labour today heard that should the country avoid a sharp increase in the levels of infections with the return to work of large numbers of workers and expanded testing and healthcare facilities, the economy could shift to level 3 as soon as possible. Minister Ebrahim Patel told the committees that the country does not need to stay at level 4, which commenced today, for a specific number of weeks but can move rapidly to a lower level should risks be mitigated. The committees heard that the initial return to work will be based on the national level, but will progressively be expanded to provincial and district level, enabling workplaces to adapt to the level of infections and healthcare readiness in localities. He emphasised that the Covid-19 pandemic will impact the South African economy in deep ways due to the closure of many companies during level 5. “Work is still underway to establish the extent of the impact. We are keen to restart as many economic areas as possible.” The committees heard that the department is taking responsible steps to deliberately reopen the economy in phases, with the safety of the South African people at the forefront of how that is done, in ways that allow livelihoods to be preserved – and protecting the productive assets of the nation and sustaining as much of the economy as it can, while protecting lives. The estimated impact on the economy varies at the moment, and will be driven by the trajectory of the virus both in South Africa and globally. The International Monetary Fund estimates that the gross domestic product (GDP) will fall by 5.8% in 2020. The South African Reserve Bank estimates that the GDP will fall by 6.1% in 2020. The Industrial Development Corporation estimates that the GDP will fall by 6.3% in 2020 The committees were informed that the Competition Commission received about 1 000 concerns and complaints. Many have already achieved closure on some cases where penalties were imposed or remedial action was taken. Some prosecutions are also pending. Furthermore, about 1 700 complaints were raised with the National Consumer Commission. The Minister said the department is trying to find a balance between due process and the right of the public to be heard. The committee heard that the R500 billion Covid-19 stimulus package that was announced by the President is not an elitist package as it includes the Unemployment Insurance Fund, which is an “absolute lifesaver” for low-level paid workers. The Committee Chairperson, Mr Duma Nkosi, said the committee commends the responsible and decisive manner in which the government is dealing with the Covid-19 pandemic. “We know that the lives of our people come first, and we will be guided by this principle. At the same time, we recognise the difficulty in the balancing act of keeping our people safe and reopening the economy, as these are interlinked.” ISSUED BY THE PARLIAMENTARY COMMUNICATION SERVICES ON BEHALF OF THE CHAIRPERSON OF THE PORTFOLIO COMMITTEE ON TRADE AND INDUSTRY, MR DUMA NKOSI.

Pen,goldshutterstock_118536571(800-600)

SA’s economy can move rapidly to level 3 lockdown if no sharp increase in infections: Minister Ebrahim Patel

In order to help <a href="https://www.cnbcafrica.com/coronavirus/2020/04/25/these-are-the-sectors-sa-is-considering-reopening-in-phase-4/">small and medium enterprises</a>, support the <a href="https://www.cnbcafrica.com/videos/2020/04/24/sa-economy-to-begin-a-gradual-reopening-on-1-may/">economy</a> and save jobs, the South African Reserve Bank (SARB) and the National Treasury are partnering with members of the Banking Association South Africa (BASA) to roll out a <a href="https://www.cnbcafrica.com/videos/2020/04/24/is-r800bn-stimulus-enough-for-markets/">R200 billion Covid-19 loan scheme</a>.



The scheme will allow qualifying <a href="https://www.cnbcafrica.com/article/2020/04/28/how-10000-covid-19-hit-companies-blundered-and-missed-out-on-millions/">businesses</a> to apply for loan funding from their primary bank for three months of operational costs, such as salaries, rent and supplier payments.



The statement below provides more details:



Covid-19 Loan Scheme for Small and Medium Enterprises



The R200 billion Covid-19 loan scheme is the outcome of the South African Reserve Bank (SARB) and the National Treasury partnering with members of the Banking Association South Africa (BASA) to help small and medium enterprises, support the economy and save jobs. The scheme will allow qualifying businesses to apply for loan funding from their primary bank for three months of operational costs, such as salaries, rent and supplier payments. All loans will be subject to bank credit approvals.



The Covid-19 loan scheme is a special credit facility that is being disbursed on behalf of SARB and National Treasury, using the infrastructure of the banking industry. Risk-sharing mechanisms in the scheme balance the need for government to support qualifying businesses, with ensuring the continued safety and soundness of the banking system. Similar schemes have been rolled out in over 50 countries in recent weeks.



Funding for these Covid-19 loans will be provided to banks by the SARB through a special financing mechanism. Any losses on the loans will first be offset against any margins earned on a bank’s portfolio of Covid-19 loans. Losses thereafter will be offset against a guarantee fee payable to the National Treasury by banks. Any further losses thereafter will be shared, with the first six percent being absorbed by the banks and the net balance absorbed by the National Treasury. Each bank will sign a bilateral agreement with the SARB, covering their participation in the scheme. The SARB will in turn contract with the National Treasury.



The scheme – which will start with an initial R100 billion &#8211; will be launched as soon as all the necessary legal agreements are in place. All parties are working around the clock to implement the scheme as quickly as possible after these agreements are finalised. While the finer details of the Covid-19 loan scheme and the related application process are still being finalised, the following principles will apply:



<ul><li>The Covid-19 loan scheme is a commercial arrangement and requires a credit application process, through which banks must evaluate if the business will likely be able to service all its commitments after the pandemic and lockdown. Banks are not obliged to extend Covid-19 loans and business owners may be required to sign surety.</li></ul>



<ul><li>The size of the Covid-19 loan will be calculated on the three-month funding requirement of certain operating expenses of the business, as approved by the bank, to be disbursed in monthly tranches.</li></ul>



<ul><li>Banks will not profit from the provision of the SARB guarantee. However, the administrative cost of facilitating the loans and the cost of capital will be recovered.</li></ul>



<ul><li>In the event of default, the Covid-19 loan would be subordinated to all other creditor claims.</li></ul>



<ul><li>The repayment of shareholder loans or dividends, using these funds, is expressly prohibited.</li></ul>



To qualify for the standardised Covid-19 loan, businesses, including sole proprietors, must inter alia:



<ul><li>Have a turnover under R300 million per annum</li></ul>



<ul><li>Be in good standing with their bank, prior to the onset of the Covid-19 pandemic</li></ul>



<ul><li>Be registered with the tax authority</li></ul>



<ul><li>Have insufficient normal borrowing capacity to fully fund its monthly operating expenses</li></ul>



<ul><li>Be adversely impacted by the lockdown.</li></ul>



Companies that may qualify for a Covid-19 loan, are advised to contact their primary bank. The launch date of the scheme and further details are expected to be announced shortly.



During the initial phases of the scheme, some processing backlogs will be inevitable. Banks undertake to work though these as quickly as possible and ask clients to be understanding of the challenges our staff have operating in the lockdown.



The R800 billion economic relief and stimulus package announced by President Cyril Ramaphosa and the Minister of Finance, Tito Mboweni, is an urgent and necessary part of saving lives and livelihoods, as the country unites to curb the pandemic. It will do much to alleviate poverty, hunger and uncertainty in our communities.



As important as they are, these emergency measures are not a sustainable solution to the devastating social and economic damage caused by the pandemic. We call on the President to urgently implement the ‘third phase’ of his economic recovery strategy: infrastructure development, structural reforms and sustainable transformation, to kickstart inclusive economic growth, create jobs and boost consumer and investor confidence. We need to rebuild a new and better economy for all South Africans. We hope these measures will be reflected in the extraordinary budget, which is yet to be announced. It is essential for both lives and livelihoods that we safely and fully reopen the economy as soon as possible.



Issued on behalf of The Banking Association South Africa



For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a>

ArcelorMittal South Africa fined R3.64 million over hydrogen sulfide emissions

How SA’s R200bn Covid-19 loan scheme for small businesses works

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Investment holding company, PSG Group has reported a 17 per cent headline earnings per share increase for its full year results ended February. But the company has noted that it is bracing itself for the future of a post COVID-19 crisis. The company has declared a final dividend of 239 cents per share which is a 48 per cent decrease from the previous year. This decrease was due to Capitec, the group’s largest investment and contributor not declaring a final dividend in line with the South African Reserve Bank’s guidance to banks. PSG Group CEO, Piet Mouton joins CNBC Africa for more.

South African Reserve Bank

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South African Reserve Bank

S.Africa’s economic woes bigger than monetary policy -cenbank governor

South African central bank cuts bond buys to 2.5 bln rand in July

South Africa’s central bank plans more reverse bond repurchases

South Africa’s rand weaker after central bank rate cut

SA Reserve Bank cuts repo rate by 25 basis points

South Africa cuts rates further as COVID-19 strangles economy

PwC expects a hold on MPC rates today, here’s why

Another rate cut on the cards tomorrow, says Absa’s Peter Worthington

Economists divided over SARB’s rate decision

POLL: S.Africa’s Reserve Bank to cut rates again, by modest 25 bps

South African central bank reduces bond purchases to 5 bln rand in June

Land Bank default forces S.Africa’s central bank into $200 mln bailout of state investment arm

COVID-19: What to expect from finmin Mboweni’s emergency budget

StanChart on SA’s COVID-19 monetary policy response

SA’s economy can move rapidly to level 3 lockdown if no sharp increase in infections: Minister Ebrahim Patel

How SA’s R200bn Covid-19 loan scheme for small businesses works

PSG Group CEO on COVID-19 impact on business & post COVID-19 outlook

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