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2 out of 5 MPC members wanted to cut rates. Lesetja Kganyago said, 'No!'

23 May 2019 6:26 PM
Tags:
South African Reserve Bank
Interest rates
Sarb
Repo rate
FNB
Monetary Policy Committee
Lesetja Kganyago
Chief Economist
economist
interest rate
MPC
Mamello Matikinca-Ngwenya
Inflation is low; the economy is weak. But Lesetja Kganyago is taking no chances, says FNB's Mamello Matikinca-Ngwenya.
FILE: Reserve Bank governor Lesetja Kganyago. Picture: EWN.

We are likely to see low inflation for longer… Risks to the outlook remain on the downside… You could make a case that interest rates can go down…

Mamello Matikinca-Ngwenya, Chief Economist - FNB

The repo rate will remain unchanged at 6.75%, South African Reserve Bank (Sarb) governor Lesetja Kganyago announced on Thursday.

The Sarb’s Monetary Policy Committee left rates unchanged in March after hiking by 25 basis points in November 2018.

The Money Show’s Bruce Whitfield interviewed Mamello Matikinca-Ngwenya, FNB Chief Economist.

Listen to the interview in the audio below (and scroll down for more quotes from it).

There are still risks to the inflation outlook…

Mamello Matikinca-Ngwenya, Chief Economist - FNB

Two of the five members voted for interest rates to be cut…

Mamello Matikinca-Ngwenya, Chief Economist - FNB

Services inflation is starting to decline… Rentals have decreased quite significantly… Financial services… increased competition has forced prices to come down… Insurance premiums are coming down… This trend will likely continue in the rest of the year…

Mamello Matikinca-Ngwenya, Chief Economist - FNB

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This article first appeared on 702 : 2 out of 5 MPC members wanted to cut rates. Lesetja Kganyago said, 'No!'


23 May 2019 6:26 PM
Tags:
South African Reserve Bank
Interest rates
Sarb
Repo rate
FNB
Monetary Policy Committee
Lesetja Kganyago
Chief Economist
economist
interest rate
MPC
Mamello Matikinca-Ngwenya

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