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Govt needs to stabilise its economic policies, warns Sarb’s deputy governor

The bank recently revised its growth outlook to 0.4 percent for this year.

Daniel Mminele. Picture: EWN

JOHANNESBURG - Deputy South African Reserve Bank (SARB) Governor Daniel Mminele says government needs to stabilise its economic policies, as investors need assurance.

He says the country's flat-lining growth won't address problems facing the economy, and government needs to address this.

The bank recently revised its growth outlook to 0.4 percent for this year.

Mminele says the Sarb will only take into account political developments, when deciding on its policies, if they impact on inflation and the general growth outlook.

He has warned that the Reserve Bank is ending its monetary tightening cycle, but the bar for cutting interest rates remains high.

The Reserve Bank decided to keep the repo rate unchanged last week, as inflation is within the bank's target range of three and six percent.

But, Mminele says current growth rates are woefully inadequate, and government needs to look at its policies, with interest rates still under consideration.

Economists say the rand has managed to strengthen while inflation is in check, but there is still concern over growth.