Reserve Bank cuts rates again but Kganyago says no to printing money
SA’s government can fund itself and doesn’t need the Reserve Bank to print money to finance its deficits, a move that would be inflationary and not in accordance with its legal mandate, governor Lesetja Kganyago has said.
“The SA government doesn’t have a problem financing its deficits,” Kganyago said at a virtual press conference held after the Bank cut the repo rate by a percentage point for the second time in less than a month. The country’s financial markets “are deep and liquid and should meet the financing requirements of the SA government”.
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