{"id":12863,"date":"2012-07-27T13:40:21","date_gmt":"2012-07-27T11:40:21","guid":{"rendered":"http:\/\/www.myza.co.za\/07\/update-1-s-africa-says-further-rate-cuts-not-automatic\/"},"modified":"2012-07-27T13:40:21","modified_gmt":"2012-07-27T11:40:21","slug":"update-1-s-africa-says-further-rate-cuts-not-automatic","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-s-africa-says-further-rate-cuts-not-automatic\/","title":{"rendered":"UPDATE 1-S.Africa says further rate cuts not &quot;automatic&quot;"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>By Stella Mapenzauswa<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">PRETORIA, July 27<\/span> (Reuters) &#8211; The risks to South Africa&#8217;s<br \/>\nmoderate inflation outlook are external and further interest<br \/>\nrate easing will not be automatic, Reserve Bank Governor Gill<br \/>\nMarcus said on Friday.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Given the subdued domestic economy, the risks to the<br \/>\ninflation outlook are mainly of a cost-push nature,&#8221; Marcus told<br \/>\nreporters at the Reserve Bank&#8217;s annual general meeting,<br \/>\nreferring to higher input costs.<\/p>\n<p><span><\/span><\/p>\n<p>The bank has said upside risks to the inflation outlook<br \/>\nemanate from the oil price and the rand exchange rate.<\/p>\n<p><span><\/span><\/p>\n<p>The bank surprisingly cut interest rates to 5 percent last<br \/>\nweek, after keeping rates steady for 19 months, citing concern<br \/>\nabout the effect of the global economic downturn on Africa&#8217;s<br \/>\nlargest economy.<\/p>\n<p><span><\/span><\/p>\n<p>It cut its inflation forecast to 5.6 percent for 2012, from<br \/>\n6 percent as recent prices came in below market expectations.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;There has been much speculation as to whether this was a<br \/>\nbeginning of a renewed interest rate easing cycle. Further<br \/>\nmonetary easing is not automatic and will be highly dependent on<br \/>\nglobal and domestic developments,&#8221; Marcus said.<\/p>\n<p><span><\/span><\/p>\n<p>Marcus also said there was no evidence of interest-rate<br \/>\nrigging in South Africa, suggesting local banks would avoid the<br \/>\nscandal currently plaguing British rivals.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Stella Mapenzauswa PRETORIA, July 27 (Reuters) &#8211; The risks to South Africa&#8217;s moderate inflation outlook are external and further interest rate easing will not be automatic, Reserve Bank Governor Gill Marcus said on Friday. &#8220;Given the subdued domestic economy, the risks to the inflation outlook are mainly of a cost-push nature,&#8221; Marcus told reporters [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-12863","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=12863"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12863\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=12863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=12863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=12863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}