South African Reserve Bank govenor Lesetja Kganyago. Picture: Oupa Mokoena/African News Agency (ANA)
South African Reserve Bank govenor Lesetja Kganyago. Picture: Oupa Mokoena/African News Agency (ANA)

WATCH: Lesetja Kganyago to deliver MPC decision on interest rates

By Dhivana Rajgopaul Time of article published Nov 19, 2020

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DURBAN - The South African Reserve Bank (Sarb) governor Lesetja Kganyago is announcing the latest decision on interest rates for the country on Thursday evening.

The South Africa Reserve Bank (Sarb) is expected to hold the repo rate this week, despite nearly half of economists on Finder’s repo rate panel calling for a rate cut.

Twelve of 14 economists (86 percent) on Finder’s panel said the Sarb’s Monetary Policy Committee (MPC) would hold the rate, with just two (14 percent) expecting a cut.

However the panel is nearly evenly split on what the bank should do, with 57 percent of economists thinking a hold would be the right decision and 43 percent saying the central bank should cut the rate.

RAND

The South African currency traded on a weaker footing as traders await the outcome of the Sarb’s final repo rate decision of the year according to NKC Research.

At the close of local trade, the rand quoted 0.38 percent weaker at R15.44/$, after trading in range of R15.29/$ - R15.45/$. The rand traded weaker overnight. The expected range of the rand today is R15.25/$ - R15.75/$.

The Sarb’s MPC press conference can be viewed on YouTube and Facebook

BUSINESS REPORT ONLINE

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