The South African Reserve Bank (SARB) has announced a 25 basis point cut to interest rates to 8% per annum for the first time in over two years today, following a period of tight monetary policy, Cape {town} Etc reports.
The South African Reserve Bank has announced a 25 basis point cut to interest rates to 8% per annum for the first time in over two years today, following a period of tight monetary policy,The new cuts will come into effect on Friday, 20 September.
It also continues to see a dip in headline inflation, supported by a stronger exchange rate and lower oil prices. The implied starting point of the rand is R18.04 to the US dollar and an appreciation of nearly 2% relative to SARB’s July assumption. ‘However, these benefits are partly offset by higher electricity prices with an expectation inflation rate more than double that of headline.’Between 6 and 14 August, 19 out of 26 surveyed economists predicted that the SARB would lower its main repo rate by 25 basis points, with many also forecasting another cut of the same amount in November, bringing the rate down to 7.75%.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South African Reserve Bank Expected To Cut Interest Rates, Wits Economist speaks to Briefly NewsThe South African Reserve Bank governor Lesetja Kganyago is expected to announce the interest rate today, and economists are expecting an interest cut.
Read more »
Kampire: The East African DJ spinning a new narrative for African music'Globally successful East African selector Kampire gives us a glimpse into her life, career and her new release
Read more »
Home Affairs To Cancel Chidimma Adetshina’s South African ID, SA RejoicesThe Department of Home Affairs has revealed that Chidimma Adetshina's ID could be cancelled as investigations into her citizenship continue revealing bombs.
Read more »
The latest rugby transfer news: Waratahs release South African hookerSouth African rugby players are in demand the world over and it can be a chore to keep track of all the latest moves but we have got you covered.
Read more »
South African Rap Group Jozi Reportedly Planned Reunion Performance Before da L.E.S Stroke ScareThe remaining members of Jozi were reportedly planning a surprise reunion performance after a decade of beef, but Da L.E.S' unfortunate stroke derailed the plans.
Read more »
“It’s Not Christ-Like”: South African Woman Goes Viral for Warning Christians Against ClubbingA South African woman took to social media to warn Christians against clubbing. The video went viral online, leaving many people sharing the same sentiments.
Read more »