Cape Town. 100219. South Africa is coming out of its first recession in almost two decades reasonably rapidly, says Reserve Bank Governor Gill Marcus. Marcus also said monetary policy remains directed towards containing inflation. The central bank has cut rates by 500 basis points since December 2008, and left the repo rate flat at 7,0% at its last four meetings. Picture Mxolisi Madela

In response to the prevailing economic climate locally and globally‚ the Governor and Deputy Governors of the South African Reserve Bank (SARB)‚ together with all Board members‚ unanimously decided at the Board meeting of 30 November‚ to forgo salary and fee increases for non-executive and executive directors in 2013‚ the central bank said in a statement.

“This is in support of President Zuma’s call to CEOs and executive directors in the private and public sectors‚ to agree to a freeze on increases in salaries and bonuses over the next 12 months‚” the bank noted.

This decision does not apply to the SARB staff and general management. - I-Net Bridge