FOREX TradingCharts.com

Financial News: South Africa Central Bank Holds Rate Steady

South Africa Central Bank Holds Rate Steady

11/19/2020 - 11:46:00 (RTTNews)

(RTTNews) - South Africa's central bank left the key interest rate unchanged on Thursday, in a split vote, citing downside risks to inflation amid a slow economic recovery.

The Monetary Policy Committee decided to leave the repo rate unchanged at 3.5 percent, South African Reserve Bank Governor Lesetja Kganyago said in a statement.

Two members of the committee preferred a 25 basis point cut, while three preferred to hold rates at the current level.

"The Committee notes that the slow recovery will keep inflation below the midpoint of the target range for this year and next," Kganyago said.

"Unless risks outlined earlier materialize, inflation is expected to be well contained over the medium-term, remaining below but close to the midpoint in 2021 and 2022."

The bank forecast consumer price inflation at 3.2 percent this year and lowered the projection for next year to 3.9 percent. Price growth is seen at 4.4 percent in 2022.

The core inflation forecasts were lowered to 3.3 percent for this year and to 3.4 percent for next. The outlook for 2022 was left unchanged at 4.0 percent.

The central bank revised up the third quarter sequential growth forecast to 50.3 percent.

The projection for the full year was revised to -8.0 percent from -8.2 percent predicted in September.

The bank forecast GDP growth of 3.5 percent for next year and 2.4 percent in 2022.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


UK Chancellor Sunak Boosts Spending, Warns Of Economic Emergency (03 hr(s), 03 min(s), 30 sec(s) ago)
(RTTNews) - UK Chancellor of the Exchequer Rishi Sunak on Wednesday boosted spending on infrastruc ...Full Story»

U.S. Personal Income Drops In October, But Personal Spending Rises (03 hr(s), 53 min(s), 30 sec(s) ago)
(RTTNews) - The Commerce Department released a report on Wednesday showing a decrease in U.S. pers ...Full Story»

U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated (04 hr(s), 06 min(s), 30 sec(s) ago)
(RTTNews) - Revised data released by the University of Michigan on Wednesday showed consumer senti ...Full Story»

U.S. New Home Sales Unexpectedly Dip 0.3% In October (04 hr(s), 23 min(s), 30 sec(s) ago)
(RTTNews) - New home sales in the U.S. unexpectedly edged lower in the month of October, according ...Full Story»

U.S. Durable Goods Orders Jump 1.3% In October, More Than Expected (04 hr(s), 45 min(s), 30 sec(s) ago)
(RTTNews) - New orders for U.S. manufactured durable goods increased by more than expected in the ...Full Story»

U.S. Weekly Jobless Claims Unexpectedly Climb To 778,000 (04 hr(s), 53 min(s), 30 sec(s) ago)
(RTTNews) - Fist-time claims for U.S. unemployment benefits unexpectedly increased in the week end ...Full Story»

Spike In U.S. GDP In Third Quarter Unrevised At 33.1% (05 hr(s), 53 min(s), 30 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Wednesday showed the spike in gross do ...Full Story»

U.S. Durable Goods Orders Jump More Than Expected In October (05 hr(s), 57 min(s), 30 sec(s) ago)
(RTTNews) - New orders for U.S. manufactured durable goods increased by more than expected in the ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

UK Chancellor Sunak Boosts Spending, Warns Of Economic Emergency

11/25/2020 - 11:38 AM (RTTNews)
(RTTNews) - UK Chancellor of the Exchequer Rishi Sunak on Wednesday boosted spending on infrastruc ...Full Story>>

U.S. Personal Income Drops In October, But Personal Spending Rises

11/25/2020 - 10:48 AM (RTTNews)
(RTTNews) - The Commerce Department released a report on Wednesday showing a decrease in U.S. pers ...Full Story>>

U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated

11/25/2020 - 10:35 AM (RTTNews)
(RTTNews) - Revised data released by the University of Michigan on Wednesday showed consumer senti ...Full Story>>

U.S. New Home Sales Unexpectedly Dip 0.3% In October

11/25/2020 - 10:18 AM (RTTNews)
(RTTNews) - New home sales in the U.S. unexpectedly edged lower in the month of October, according ...Full Story>>

U.S. Durable Goods Orders Jump 1.3% In October, More Than Expected

11/25/2020 - 09:56 AM (RTTNews)
(RTTNews) - New orders for U.S. manufactured durable goods increased by more than expected in the ...Full Story>>

Do not sell my personal information

Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.