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Kganyago: SA's economic growth looks set to improve

SA Reserve Bank Governor Lesetja Kganyago has announced that the repo rate will remain unchanged at 6.75% but the bank will continue to monitor the economy as this may change.

FILE: SA Reserve Bank Governor Lesetja Kganyago. Picture: GCIS

JOHANNESBURG - South African Reserve Bank Governor Lesetja Kganyago says that the political situation in the country will continue to influence the rand but overall, economic growth looks set to improve.

Kganyago has announced that the repo rate will remain unchanged at 6.75% but the bank will continue to monitor the economy as this may change.

The Reserve Bank governor says that growth for the next two years looks positive.

“Forecast for 2018 and 2019 have been adjusted to 1.4% and 1.6%.”

Chief economist at Standard Bank, Goolam Ballim says the Reserve Bank may lower rates this year even up to 50 basis points.

“Alongside a more easier inflation path and increasing confidence, it is possible that the Reserve Bank will then lower rates.”

This comes with the news that Kganyago has been selected as chairperson of the International Monetary and Financial Committee.

The committee deals with policy for the International Monetary Fund.