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Eurozone crisis affecting SA

SA’s Monetary Policy Committee is being influenced by the Eurozone crisis.

Reserve Bank Governor Gill Marcus. Picture: EWN
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Business Local World

CAPE TOWN - Reserve Bank Governor Gill Marcus on Thursday said the Eurozone crisis and economic situation in Greece will continue to influence South Africa's Monetary Policy Committee (MPC).

Yesterday, Marcus announced that the repo rate would remain flat at 5.5 percent.

She pointed to among other things, a drop in vehicle exports to Europe.

NKC independent economist’s Christie Viljoen said the situation in Europe will continue to be a factor locally.

“Because we have such a big dependence on exports to Europe, it is a factor that we have to look at internally, so we’ll definitely be discussing the European situation in-depth.

Marcus added that the Eurozone crisis was becoming problematic for the MPC.

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