{"id":15464,"date":"2012-10-10T17:44:46","date_gmt":"2012-10-10T15:44:46","guid":{"rendered":"http:\/\/www.myza.co.za\/10\/update-2-south-african-central-banker-sounds-warning-on-economy\/"},"modified":"2012-10-10T17:44:46","modified_gmt":"2012-10-10T15:44:46","slug":"update-2-south-african-central-banker-sounds-warning-on-economy","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-2-south-african-central-banker-sounds-warning-on-economy\/","title":{"rendered":"UPDATE 2-South African central banker sounds warning on economy"},"content":{"rendered":"

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

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

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

By Xola Potelwa<\/p>\n

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

GRAHAMSTOWN, South Africa<\/span> Oct 10 (Reuters) – South Africa’s
\neconomic outlook is deteriorating rapidly, with unrest in the
\nmining sector and national transport strikes likely to lead to
\njob losses, central bank governor Gill Marcus said on Wednesday.<\/p>\n

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

Speaking to economics students in Grahamstown in the Eastern
\nCape province, Marcus also warned that the country faced a loss
\nof confidence, underlined by a sharp fall in the currency.<\/p>\n

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

But she reiterated her stance that the central bank had no
\ntarget level for the rand.<\/p>\n

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

A heavy fall in the currency on Monday to within a whisker
\nof 9.0 to the dollar had prompted market speculation of official
\nintervention. Marcus said it was simply too costly for a
\nmedium-sized emerging economy such as South Africa to step into
\ncurrency markets.<\/p>\n

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

“The daily turnover in the rand is around $25 billion
\ndollars, so if you want to look at where you can manage this
\ncurrency to, you’re going to whistle,” she said.<\/p>\n

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

“We’ve got in total $50 billion dollars in reserves – not
\nlike China which has trillions of dollars in reserves. They can
\ndo these things.”<\/p>\n

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

Two months of violent, wildcat walkouts in gold and platinum
\nmines, including the police killing of 34 strikers at Lonmin’s
\n Marikana mine on Aug. 16, have hurt South
\nAfrica’s international investment reputation, Marcus said,
\nciting 5.6 billion rand ($638 million) in net equity market
\noutflows on Monday as evidence.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

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

By Xola Potelwa GRAHAMSTOWN, South Africa Oct 10 (Reuters) – South Africa’s economic outlook is deteriorating rapidly, with unrest in the mining sector and national transport strikes likely to lead to job losses, central bank governor Gill Marcus said on Wednesday. Speaking to economics students in Grahamstown in the Eastern Cape province, Marcus also warned […]<\/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-15464","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\/15464","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=15464"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15464\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=15464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=15464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=15464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}