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Kganyago: Reserve Bank closely monitoring the rand

The volatile rand and possible rising inflation have been highlighted as just two factors that could see the Reserve Bank raise the repo rate in the near future.

FILE: Reserve Bank Governor Lesetja Kganyago. Picture: EWN

JOHANNESBURG - The volatile rand and possible rising inflation have been highlighted as just two factors that could see the Reserve Bank raise the repo rate in the near future.

The bank has opted to keep the rate unchanged at 6,5%, for now.

This decision had been expected by many economists, but there are still concerns over a number of pressures on the local economy, with growth forecast at just 0.7% for this year.

Reserve Bank Governor Lesetja Kganyago says the bank is closely monitoring the rand, which has lost major ground to the dollar but recovered slightly this week.

“Since the July MPC, the rand has depreciated by 7.3% against the US dollar.”

Chief economist at Econometrix, Dr Azar Jammine, says the rand and inflation are still areas of concern.

“They did warn that the party is not over and that there could be interest rate increases going forward.”

The ongoing trade conflict between the US and China is just one of the factors affecting emerging markets and the rand.

(Edited by Shimoney Regter)