FOREX TradingCharts.com

Financial News: South Africa CB Holds Key Interest Rate, Signals

South Africa CB Holds Key Interest Rate, Signals End Of Tightening Cycle

03/30/2017 - 10:45:00 (RTTNews)

(RTTNews) - South Africa's central bank left its key interest rate unchanged for a sixth consecutive policy session on Thursday, citing upside risks to inflation and a disappointing growth outlook that could be worsened by increased political uncertainty. The bank also said that it may have reached the end of its tightening cycle.

The Monetary Policy Committee of the South African Reserve Bank kept the repurchase rate unchanged at 7 percent, in line with economists' expectations.

The previous change in the rate was a quarter-point hike in March last year.

Five members supported the latest decision while one member sought a 25 basis point cut.

"The MPC is of the view that we may have reached the end of the tightening cycle," SARB Governor Lesetja Kganyago said in a statement.

"However the Committee would like to see a more sustained improvement in the inflation outlook before reducing rates."

He also said that the view could change if the inflation outlook and the risks to the outlook deteriorate.

Policymakers assessed that the risk to the inflation outlook was moderately on the upside, mainly due to the high degree of exchange rate uncertainty, the bank chief said. There was no evidence of significant demand pressures impacting on inflation, he added.

"The growth outlook remains disappointing, and the MPC is concerned that increased political uncertainty could impact negatively on private sector investment and household consumption expenditure, and further undermine employment growth," Kganyago said.

"The risks to the growth outlook are therefore assessed to be on the downside."

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Consumer Sentiment Nearly Unchanged In April (10 hr(s), 48 min(s), 28 sec(s) ago)
(RTTNews) - After initially reporting an improvement in U.S. consumer sentiment in the month of Ap ...Full Story»

Chicago Business Barometer Unexpectedly Indicates Faster Growth In April (11 hr(s), 08 min(s), 28 sec(s) ago)
(RTTNews) - A report released by MNI Indicators on Friday showed an unexpected acceleration in the ...Full Story»

Eurozone Inflation Climbs To ECB Target (11 hr(s), 33 min(s), 28 sec(s) ago)
(RTTNews) - Eurozone inflation accelerated more-than-expected in April, returning within the Europ ...Full Story»

U.S. Economic Growth Slows More Than Expected In Q1 (12 hr(s), 13 min(s), 28 sec(s) ago)
(RTTNews) - Economic growth in the U.S. slowed by more than anticipated in the first three months ...Full Story»

ECB Forecasters Revise Up Growth & Inflation Expectations (12 hr(s), 29 min(s), 28 sec(s) ago)
(RTTNews) - Professional forecasters expect euro area consumer prices to rise faster than earlier ...Full Story»

UK Growth At 1-Year Low As 'Brexit' Weighs On Spending (12 hr(s), 39 min(s), 28 sec(s) ago)
(RTTNews) - The U.K. economy expanded the least in a year at the start of 2017, reflecting a notab ...Full Story»

U.S. GDP Increases Less Than Expected In Q1 (12 hr(s), 46 min(s), 28 sec(s) ago)
(RTTNews) - Economic growth in the U.S. slowed by more than anticipated in the first three months ...Full Story»

Sweden Retail Sales Growth Eases Unexpectedly (13 hr(s), 06 min(s), 28 sec(s) ago)
(RTTNews) - Sweden's retail sales growth eased unexpectedly in March, after accelerating in th ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Consumer Sentiment Nearly Unchanged In April

04/28/2017 - 10:35 AM (RTTNews)
(RTTNews) - After initially reporting an improvement in U.S. consumer sentiment in the month of Ap ...Full Story>>

Chicago Business Barometer Unexpectedly Indicates Faster Growth In April

04/28/2017 - 10:15 AM (RTTNews)
(RTTNews) - A report released by MNI Indicators on Friday showed an unexpected acceleration in the ...Full Story>>

Eurozone Inflation Climbs To ECB Target

04/28/2017 - 09:50 AM (RTTNews)
(RTTNews) - Eurozone inflation accelerated more-than-expected in April, returning within the Europ ...Full Story>>

U.S. Economic Growth Slows More Than Expected In Q1

04/28/2017 - 09:10 AM (RTTNews)
(RTTNews) - Economic growth in the U.S. slowed by more than anticipated in the first three months ...Full Story>>

ECB Forecasters Revise Up Growth & Inflation Expectations

04/28/2017 - 08:54 AM (RTTNews)
(RTTNews) - Professional forecasters expect euro area consumer prices to rise faster than earlier ...Full Story>>
These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.