STATEMENT OF THE MONETARY POLICY COMMITTEE Lesetja Kganyago, Governor of the South African Reserve Bank 23 November 2023 As we approach the end of the year, easing headline inflation and modest economic growth remain the dominant global economic trends of this past year. Output in the Euro Area is poor, while the robust growth […]
SA repo rate unchanged at 8.25%
STATEMENT OF THE MONETARY POLICY COMMITTEE Lesetja Kganyago, Governor of the South African Reserve Bank 21 September 2023 Since our last meeting, near term prospects for the global economy are broadly unchanged. Inflation has eased over the course of the year but a further slowdown in inflation looks less certain. Growth forecasts remain muted. […]
Repo rate up by 50 basis points to 8.25%
STATEMENT OF THE MONETARY POLICY COMMITTEE Lesetja Kganyago, Governor of the South African Reserve Bank – 25 May 2023 As we approach the mid-point of the year, persistent inflation and elevated financial stability risks continue to mark a somewhat improved global growth outlook. South Africa’s economic conditions, however, remain poor. Growth prospects in Asia […]
SARB increases interest rates by 50 basis points, to 7.75%
STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank As we enter the second quarter of the year, sticky inflation, sluggish growth and now elevated financial stability risks mark the global economy. Despite somewhat better growth outcomes in the first months of the year, we see […]
The 2023 Budget for South Africa
Finance Minister Enoch Godongwana’s Budget Speech delivered 22 February 2023 South Africa grew by an estimated 2.5% in 2022 Growth rate for 2023 is revised downward to 0.09% A 25% solar PV panel tax rebate for individuals with new or unused panels purchased and installed at a private residence from 1 March 2023 (excluding the […]
Repo rate up by 25 basis points to 7.25%
STATEMENT OF THE MONETARY POLICY COMMITTEE Lesetja Kganyago, Governor of the South African Reserve Bank – 26 January 2023 As this year commences, high inflation and weak economic growth continue to shape global conditions. Russia’s war in the Ukraine drags on and recession risks remain elevated in the Euro Area, even though energy constraints […]
Repo rate increased to 7%, Prime 10.5%
STATEMENT OF THE MONETARY POLICY COMMITTEE Lesetja Kganyago, Governor of the South African Reserve Bank 24 November 2022 High inflation and weak economic growth continue to shape global conditions alongside monetary and fiscal policy responses. Russia’s war in the Ukraine drags on, impairing trade and raising prices of a wide range of energy, food and […]
South Africa’s 2022 Medium Term Budget
● GDP growth of 1.9% is expected in 2022, compared with the estimated 2.1% in February. The economy is expected to grow at an average of 1.6% over the next 3 years, too low to support developmental goals. ● The government is incurring debt-service costs that will average R355.2 billion per year over the medium-term […]
Four scenarios for a world in disorder
The world is clearly not reverting to some pre-COVID status quo. Instead, a combination of underlying forces has upended the previous world order and ushered in a period of profound disorder. David Bach, Rio Tinto Chair in Stakeholder Engagement and Professor of Strategy and Political Economy, International Institute for Management Development (IMD) 25 October 2022 […]
Repo rate hiked by 75 basis points to 6.25%
STATEMENT OF THE MONETARY POLICY COMMITTEE 22 September 2022 Lesetja Kganyago, Governor of the South African Reserve Bank In the wake of the Covid-19 pandemic and heightened geo-political tensions, the global economy has entered a period of persistently high inflation and weaker economic growth. Many developing economies exited the pandemic with less than full recovery […]