{"id":14819,"date":"2012-09-20T16:42:16","date_gmt":"2012-09-20T14:42:16","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/update-1-s-africa-leaves-repo-rate-unchanged-at-5-pct\/"},"modified":"2012-09-20T16:42:16","modified_gmt":"2012-09-20T14:42:16","slug":"update-1-s-africa-leaves-repo-rate-unchanged-at-5-pct","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-s-africa-leaves-repo-rate-unchanged-at-5-pct\/","title":{"rendered":"UPDATE 1-S.Africa leaves repo rate unchanged at 5 pct"},"content":{"rendered":"

\t\t<\/span><\/p>\n

* Trims 2012 growth forecast to 2.6 pct<\/span><\/p>\n

<\/span><\/p>\n

* Rising food, fuel prices main risk to CPI outlook<\/p>\n

(Adds details, quotes)<\/p>\n

<\/span><\/p>\n

PRETORIA, Sept 20<\/span> (Reuters) – South Africa’s Reserve Bank
\nleft its repo rate unchanged at 5.0 percent on Thursday, as
\nexpected, saying there was no need for more monetary loosening
\nafter a “pre-emptive” cut in July to combat challenging global
\nand domestic growth.<\/p>\n

<\/span><\/p>\n

However, the bank cut its 2012 growth forecast to 2.6
\npercent from 2.7 percent predicted in July, with Governor Gill
\nMarcus saying growth in Africa’s biggest economy was expected to
\nremain weak while questions remained about levels of U.S.
\ngovernment debt.<\/p>\n

<\/span><\/p>\n

Twenty-five of 28 economists polled by Reuters had forecast
\nthat the Monetary Policy Committee (MPC) would keep the repo
\nrate – at which it lends to commercial banks – unchanged after
\na surprise 50 basis point cut in July.<\/p>\n

<\/span><\/p>\n

“At its previous meeting the MPC assessed that conditions
\njustified a pre-emptive loosening of the monetary policy
\nstance,” Marcus said.<\/p>\n

<\/span><\/p>\n

“Although global and domestic growth conditions remain
\nchallenging, the MPC is of the view that a further reduction in
\nthe repurchase rate is not appropriate at this stage.”<\/p>\n

<\/span><\/p>\n

The decision was unanimous although Marcus said there was
\nsome discussion about another rate during the MPC’s three days
\nof deliberations.<\/p>\n

<\/span><\/p>\n

The repo rate is at 40-year lows and only eight out of the
\n28 surveyed economists expect another reduction this year, at
\nthe bank’s November meeting.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

* Trims 2012 growth forecast to 2.6 pct * Rising food, fuel prices main risk to CPI outlook (Adds details, quotes) PRETORIA, Sept 20 (Reuters) – South Africa’s Reserve Bank left its repo rate unchanged at 5.0 percent on Thursday, as expected, saying there was no need for more monetary loosening after a “pre-emptive” cut […]<\/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-14819","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\/14819","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=14819"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14819\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}