South african reserve bank
Molefe: When Mboweni was governor, Sarb declined black-owned bank idea
He said the Guptas went to great lengths to help him realise the vision of a black-owned bank.
The South African Reserve Bank's monetary policy committee announced on Thursday that rates would remain unchanged while the economy shows some signs of picking up.
Prior to Thursday's announcement, the bank's Monetary Policy Committee had cut the repo rate by 275 basis points this year to try and counter the effects of negative growth due to COVID-19.
Kganyago made the announcement during a briefing on Thursday afternoon.
The Sarb has reduced the interest rate by 300 basis points so far this year in an effort to promote growth amid an economy suffering under the effects of the COVID-19 lockdown.
He was speaking at the Cape Town Country Club on Wednesday where he said he won't be drawn on whether there will be any further rate cuts to further cushion South Africans from the devastating effects of COVID-19.
Busisiwe Mkhwebane seems to spend much of her time defending herself and her office in one way or another, writes Judith February.
The bank has long been under pressure to take more drastic measures to revive growth with calls for it to slash lending rates and finance government through quantitative easing.
On Tuesday, Motau and Sarb were dealt a blow when the Pretoria High Court reviewed and set aside parts of the report.
The Reserve Bank has long been under pressure to take more drastic measures to revive growth in Africa’s most advanced economy, with calls for the bank to slash lending rates and finance government through quantitative easing.
The SA Reserve Bank (Sarb) said that Friday's meeting discussed and agreed that there was a need for regular feedback to VBS Mutual Bank depositors and other affected parties about the liquidation process.
The Bank said it received several letters from people interested in reviving the scandal-hit VBS Mutual Bank.
An estimated R2.7 billion went missing from VBS Bank through grand-scale looting that led to its collapse.
The South African Reserve Bank Governor Lesetja Kganyago made the announcement on Thursday.
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The SARB cut rates in May by 50 basis points after the economy was shut down to limit the spread of the novel coronavirus. That followed two aggressive 100 basis point cuts in succession in March and April.
The Sarb governor said the COVID-19 pandemic had had a devastating effect on growth, but the country could turn the situation around.
While the debate was ongoing across the world, the South African Reserve Bank (Sarb) governor said that the local discourse over the fate of the central bank was not evidence-based.
SA Reserve Bank Governor Lesetja Kganyago said that wasted policy space since the 2008 global recession meant that there was little room for any more interventions from the bank.