By Mandisi Tyulu
10 October 2008
Reserve Bank Governor Tito Mboweni has announced that the bank's Monetary Policy Committee has decided to keep the repurchase rate steady at 12-percent.
This went against worldwide trends to cut rates.
Commercial banks’ prime lending rates will remain at 15-and-half-percent.
Mboweni says forecasts show a moderate improvement to South Africa’s economic outlook, mainly on account of lower oil prices.
But the weakening of the rand has emerged as a significant risk factor.
10 October 2008
Reserve Bank Governor Tito Mboweni has announced that the bank's Monetary Policy Committee has decided to keep the repurchase rate steady at 12-percent.
This went against worldwide trends to cut rates.
Commercial banks’ prime lending rates will remain at 15-and-half-percent.
Mboweni says forecasts show a moderate improvement to South Africa’s economic outlook, mainly on account of lower oil prices.
But the weakening of the rand has emerged as a significant risk factor.
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