Governor of the South African Reserve Bank, at the fourth Annual Distributed Sovereign Debt Research and Management Conference University of Pretoria, Pretoria 7 September 2020 Good afternoon, ladies and gentlemen. I would like to thank the International Development Law Unit at the Centre for Human At this stage, the sustainability of that recovery remains uncertain, and global markets remain in risk-off mode. He assumed the Governorship of the South African Reserve Bank on 9 November 2014, following the expiry of the term of his predecessor Gill Marcus, on 8 November 2014. The key rate now sits at its lowest level, but judging by the sanguine reaction of markets, investors were The impacts will be particularly severe for small businesses, and individuals with earnings in the informal sector. South Africa’s lockdown has been extended by an additional 14 days, bringing the total lockdown period to 35 days. University of Pretoria, Pretoria 7 September 2020. Welcome to the Reserve Bank of Vanuatu's website. It is now clear that the COVID-19 outbreak will produce the worst economic downturn in a century. He was appointed to the central bank's board as a non-executive director representing government. Kganyago’s second term as governor of the South African Reserve Bank (SARB) will start in November. The SARB was only the fourth central bank established outside the United Kingdom and Europe, the others being the United States, Japan and Java. Lower oil prices will reduce petrol prices in the near term. The South African Reserve Bank, the coronavirus shock, and ‘the age of magic money’. Such steps will further reduce existing constraints on monetary policy and its transmission to lending. The next statement of the Monetary Policy Committee will be released on 21 May 2020. Groepe has served Media24 previously as CEO of the newspaper division as well as financial director. SOUTH AFRICAN RESERVE . Monetary policy can ease financial conditions and improve the resilience of households and firms to the economic implications of Covid-19. The South African Reserve Bank (SARB) is the central bank of South Africa. JOHANNESBURG--The South African Reserve Bank on Thursday kept its main repo rate at 3.5%, even as it forecast that Africa's most developed economy will shrink 8% this year. We live in interesting times. All protocols observed. All Rights Reserved. (Photo: Waldo Swiegers / Bloomberg via Getty Images) The good news is that the South African Reserve Bank surprised us with a … Each of these steps make more capital available to households and firms. Lecture by Lesetja Kganyago, Governor of the South African Reserve Bank, at the Wits School of Governance in Johannesburg. Copyright 2020 Government of South Africa. South African Reserve Bank stands ready to provide support to the economy within its mandate,” Kganyago said. In this highly uncertain environment, future decisions will continue to be highly data dependent, sensitive to the balance of risks to the outlook and will seeks to look through temporary price shocks. “Lower longer-term inflation outcomes are … Against this backdrop, the MPC decided to cut the repo rate by 100 basis points. The strength of the recovery into the fourth quarter and 2021 will depend on how quickly countries are able to open up for economic activity safely, requiring sustainable social distancing rules, safety processes put in place by businesses and public institutions, and capacity of hospitals to accommodate those in need. South African Reserve Bank governor Lesetja Kganyago in Cape Town, South Africa, on Aug. 1. Current repo average rate: 6.5%; Forecast for end of 2020: 6.25%; The South African Reserve Bank is facing pressure to … However, the larger economic outlook remains uncertain. The South African Reserve Bank (SARB) sees gross domestic product (GDP) contracting 7% in 2020 — a forecast that could still change for the worse — followed by growth of 3.8% in 2021. These concepts are pretty hard to understand. Management of the South African money and banking system; Risk Management. A key focus has been their collective effort to develop a regional ‘Know Your Customer’ (KYC) facility. Kuben Naidoo has been appointed as the new Deputy Governor of the South African Reserve Bank. So far, these actions have improved market functioning, and are supporting economic activity. Reserve Bank Governor Lesetja Kganyago said that the country's economy was under pressure and growth forecasts in negative territory. THE GOVERNOR OF THE . Credit risk has risen back to 2008 levels and about R100 billion of local assets have been sold by non-resident investors. I’ll distinguish between liquidity and sustainability problems. THE president of Zambia, Edgar Lungu, on Saturday dismissed Bank of Zambia governor Denny Kalyalya without giving a reason for the surprise move. Slightly lower oil prices and sharply lower domestic growth pulls down on the inflation forecast, while negative global sentiment and fiscal risks have led to equally aggressive currency depreciation and upside pressure on inflation. Opening remarks by Ms Fundi Tshazibana, Deputy Governor of the South African Reserve Bank at the Market Practitioners Group Forum 6 November 2020 Ladies and gentlemen, good morning and welcome to the Market Practitioners Group (MPG) Forum. Governor Lesetja Kganyago has never cut interest rates by more than 25 basis points at a time. MPC Statement 21 May 2020 Page 1 South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 21 May 2020 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the April meeting of the Monetary Policy Committee (MPC), the Covid-19 The South African Reserve Bank (SARB) has cut the repo rate by 25 basis points. Click on the links below to view the banknotes signed by each Governor of the South African Reserve Bank: Ms G Marcus Mr T T Mboweni Dr C L Stals Dr G P C De Kock Dr T W De Jongh Dr G Rissik Dr M H De Kock Dr J Postmus Dr W H Clegg He was appointed to that post on 6 October 2014, by Jacob Zuma, the former President of the Republic of South Africa (RSA). Lesetja Kganyago (48) has been appointed as the next governor of the South African Reserve Bank following Gill Marcus’ resignation at the end of … Marcus has also held senior positions in the private sector, including serving on the boards of the mining company becoming chairperson of Absa Bank in (2007), Western Areas and the Absa Group. Lesetja Kganyago, became governor of South Africa Reserve Bank after Gill Marcus. Nonetheless, prices for many commodities have fallen as a result of weaker demand globally. Share price and availability; Shareholders Index Report; Shares related correspondence; Structure. Lesetja Kganyago will take over as the new South African Reserve Bank (Sarb) governor when Gill Marcus’s current five-year term ends on 8 November 2014. SOUTH AFRICAN RESERVE BANK UNEXPECTEDLY CUTS RATES 17TH JANUARI 2020 The South African Reserve Bank unexpectedly cut rates yesterday alongside downgrades to both their CPI and growth projections from November's forecasts. He was appointed to that post on 6 October 2014, by Jacob Zuma, the former President of the Republic of South Africa (RSA). Governor of the South African Reserve Bank Lesetja Kganyago is suing Nelson Mandela Bay ANC councillor Andile Lungisa for defamation of character. Photo: mike hutchings/Reuters Aug. 29, 2017 12:15 pm ET For our forecast, the Brent crude oil price is expected to average $42 per barrel in 2020 and $45 per barrel in 2021, very close to the March forecast. ... 2020. Current estimates from the IMF show global growth contracting this year by about 2.9%.Economic contractions are expected to be deepest in the second quarter of 2020, with some recovery expected in the third quarter of the year. The MPG is a joint public and private sector body that was established by the South “The Monetary Policy Committee (MPC) has decided to cut the repo rate by 25 basis points, taking it to 3.50% per annum, with effect from 24 July 2020. As usual, the repo rate projection from the QPM remains a broad policy guide which can change from meeting to meeting in response to changing data and risks. The bank's fresh forecast is slightly more optimistic than the 8.2% contraction in gross domestic product the bank … “The Monetary Policy Committee (MPC) has decided to cut the repo rate by 25 basis points, taking it to 3.50% per annum, with effect from 24 July 2020. He is the Governor of the South African Reserve Bank (SARB). Lesetja Kganyago (48) has been appointed as the next governor of the South African Reserve Bank following Gill Marcus’ resignation at the end of … Some factors will support growth, including where businesses are able to open under the current rules, new jobs being created to service more needs under the lockdown, and sustained government spending, both through normal operations and crisis-related spending and programmes. The Reserve Bank controls the South African Mint Company, and issues banknotes printed by the South African Bank Note Company, a wholly owned subsidiary of the Bank. First, the bond-buying programmes fall on a spectrum, running from limited to larger interventions. At the South Pacific Central Bank Governors’ Meeting on 17-18 November 2020, the South Pacific Governors agreed that access to cost-effective remittances remains a high priority focus for the region. Groepe has served Media24 previously as CEO of the newspaper division as well as financial director. We are pleased to present to you the Bank’s website. Conducting any of them successfully is made possible by our inflationtargeting framework and the flexible approach we take to it. This will likely also increase job losses, with further consequences for aggregate demand. It had declined by 6.1% in 1930. Despite this rise in country risk, the Committee notes that the more prolonged lockdown and slower recovery creates downside risk to inflation and allows further space for monetary policy to respond to the virus-induced demand shock to the economy. Second, the scale of asset buying we do should follow from a clear sense of why markets have been malfunctioning. South African Reserve Bank (Sarb) governor Lesetja Kganyago announces the latest decision on interest rates in SA. South African Reserve Bank 4.3 Pretoria, Gauteng The purpose of this position is to develop a fit-for-purpose infrastructure (e.g. Economists forecast economic growth for this year to be revised downwards from an earlier expected 0.4% to below zero. The uncertainties of the crisis have led to extremely high volatility in financial asset prices, with sharp and deep market sell-offs followed by a partial recovery. Governor Lesetja Kganyago said. All Rights Reserved. The South African Reserve Bank (SARB) has responded flexibly, quickly and aggressively to this crisis. Currently the repo rate is at an all-time low of 3.5%, while the prime lending rate is 7%. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the April meeting of the Monetary Policy Committee (MPC), the Covid-19 pandemic continues to spread globally, with wide-ranging and deep social and The South African Reserve Bank (SARB) has for the second consecutive cycle kept the repurchase rate unchanged at 3.5% per annum. South Africa’s President Cyril Ramaphosa reappointed Lesetja Kganyago to a five-year term as the governor of the South African Reserve Bank in move that is likely to be cheered by markets. Pretoria - President Jacob Zuma has appointed Francois Groepe as Deputy Governor of the South African Reserve Bank. CAPE TOWN - South African Reserve Bank Governor Lesetja Kganyago said that the bank's COVID-19 response could be described as aggressive. In addition to continued easing of interest rates, the Bank has taken steps to ensure adequate liquidity in money and government bond markets and to ease capital requirements to free capital for onlending by financial institutions. We live in interesting times. Current indications from the World health Organisation are that the pandemic is unlikely to end quickly, with shorter, less virulent waves hitting over time. This has implications for emerging markets and South Africa in particular, as investor appetite for rand-denominated equities and bonds is expected to remain weak. The South African Reserve Bank (SARB) has for the second consecutive cycle kept the repurchase rate unchanged at 3.5% per annum. The Bank’ s headline consumer price inflation forecast averages 3.6% for 2020,  4.5% for 2021, and 4. Governor Lesetja Kganyago has never cut interest rates by more than 25 basis points at a time. Policy responses to the crisis have generally been robust, with the magnitudes dependent on the degree of policy space available to countries. The South African Reserve Bank (SARB) has cut the repo rate by 25 basis points. CAPE TOWN - South African Reserve Bank Governor Lesetja Kganyago said that the bank's COVID-19 response could be described as aggressive. Currently the repo rate is at an all-time low of 3.5%, while the prime lending rate is 7%. German President Frank-Walter Steinmeier has bestowed the Great Order of Merit on Aaron Daniel Mminele, South African Reserve Bank Deputy Governor, honouring him for his work in furthering German-South African relations. Lesetja Kganyago, became governor of South Africa Reserve Bank after Gill Marcus. The South African Reserve Bank said on Tuesday that it expects the country’s gross domestic product (GDP) in 2020 to contract by 6.1%, compared with the … The European Central Bank (ECB) has made similar commitments.Emerging and developing economies generally have less policy space available and credit is more expensive, and for this reason, the International Financial Institutions (the IMF, the World Bank) and others have made available extraordinary levels of emergency financial support. Expectations of future inflation broadly remain around the mid-point of the band, although market-based expectations have recently ticked up in response to the depreciation of the currency. The decision was unanimous. Policy; Governance Structure; Framework; Risk Management and Compliance Department; Processes; Approach And Methodology ; Whistle-blowing@SARB; Reserve Bank Shares. Electricity pricing remains a concern but has moderated somewhat. Click on the links below to view the banknotes signed by each Governor of the South African Reserve Bank: Ms G Marcus Mr T T Mboweni Dr C L Stals Dr G P C De Kock Dr T W De Jongh Dr G Rissik Dr M H De Kock Dr J Postmus Dr W H Clegg He assumed the Governorship of the South African Reserve Bank on 9 November 2014, following the expiry of the term … SARB Governor Lesetja Kganyago made the announcement on Thursday, following a Monetary Policy Committee (MPC) meeting. Governor of the SA Reserve Bank Lesetja Kganyago. The spot price for Brent crude oil is currently around $31 per barrel, despite a new agreement reached by Opec and other producers to make large oil production cuts. The last time a figure of that magnitude appears in our data is 1931, during the Great Depression, when output fell by 6.2%. German President Frank-Walter Steinmeier has bestowed the Great Order of Merit on Aaron Daniel Mminele, South African Reserve Bank Deputy Governor, honouring him for his work in furthering German-South African relations. The implied starting point for the rand forecast is R17.80 to the US dollar, compared with R15.40 at the time of the previous meeting. International food prices have eased and local food price inflation is expected to remain low, in part due to higher domestic production levels. German Ambassador Dr Martin Schaefer is to hand over Germany’s highest tribute to Deputy Governor Mminele on 23 January 2018, at a ceremony also toRead More South African Reserve Bank Governor Lesetja Kganyago announced ... "Headline CPI inflation is expected to peak at 5.4% in the first quarter of 2020 and settle at … These should be addressed by implementing prudent macroeconomic policies and structural reforms that lower costs generally, and increase investment opportunities, potential growth and job creation. Global producer price inflation has decelerated. ... we maintain our call for the policy rate to end 2020 … That’s because it happened in quick succession and … The timing and size of these contradictory impulses suggests that they are not perfectly offsetting, with weaker inflation in the near term likely giving way to higher inflation later in the forecast period. THE president of Zambia, Edgar Lungu, on Saturday dismissed Bank of Zambia governor Denny Kalyalya without giving a reason for the surprise move. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Monetary policy however cannot on its own improve the potential growth rate of the economy or reduce fiscal risks. Central banks can provide liquidity, while challenges like fiscal sustainability are best dealt with elsewhere. Barring severe and persistent currency and oil shocks, inflation is expected to be well contained, remaining below the midpoint of the target in 2020 and close to the midpoint in 2021. BANK, L KGANYAGO SECOND RESPONDENT . South Africa’s President Cyril Ramaphosa reappointed Lesetja Kganyago to a five-year term as the governor of the South African Reserve Bank in move that is likely to be cheered by markets. The South African Reserve Bank (SARB) Governor is announcing a Monetary Policy Committee (MPC) decision about the repo rate. The South African Reserve Bank (SARB) Governor is announcing a Monetary Policy Committee (MPC) decision about the repo rate. 4% in 2022. Governor, South African Reserve Bank Lesetja Kganyago was appointed Governor of the South African Reserve Bank (SARB) with effect from 9 November 2014. We expect that ‘the great lockdown’ will cause output to contract by about 7% this year. Speeches by the Governor, Deputy Governors and Executive General Managers of the South African Reserve Bank frameworks, algorithms, models, … Neutral citation: The South African History Archive Trust v The South African Reserve Bank and Another (Case no 17/19) [2020] ZASCA 56 (29 May 2020) Risks to inflation from recent currency depreciation are expected to be muted as pass-through is slow. Opening remarks by Ms Fundi Tshazibana, Deputy Governor of the South African Reserve Bank at the Market Practitioners Group Forum 6 November 2020 Ladies and gentlemen, good morning and welcome to the Market Practitioners Group (MPG) Forum. The South African Reserve Bank, the coronavirus shock,  and ‘the age of magic money’. Good afternoon, ladies and gentlemen. An opening address by Lesetja Kganyago, Governor of the South African Reserve Bank, at the fourth Annual Distributed Sovereign Debt Research and Management Conference. Both the supply and demand effects of this extension reduce growth and deepen it in the short-term, as businesses stay shut for longer and households with income spend less. Finally, I will reflect on the utility of inflation targeting for addressing the current economic conditions and potential depression-type conditions. He is the Governor of the South African Reserve Bank (SARB). Global economic and financial conditions are expected to remain highly volatile for the foreseeable future. German Ambassador Dr Martin Schaefer is to hand over Germany’s highest tribute to Deputy Governor Mminele on 23 January 2018, at a ceremony also toRead More The South African Reserve Bank (SARB) has cut the repo rate by 25 basis points. Lesetja Kganyago, appointed as South Africa’s 10th Reserve Bank governor, has pledged to continue the policy path of predecessor Gill Marcus and pursue price and financial stability. On the 1st of July 1999, Gill was appointed as Deputy Governor of the South African Reserve Bank, the first woman to hold such a position. Lesetja Kganyago, the governor of the South African Reserve Bank, will have much to contemplate at the bank's Monetary Policy Committee meeting, which will conclude on Thursday. As noted earlier, while advanced economies conduct exceptionally accommodative policies, global financing conditions are no longer supportive of emerging market currency and asset values. “President Jacob Zuma has, in terms of section 4(1)(a) read with section 5(1)(a) of the South African Reserve Bank Act, 1989 (Act No. It is easy, for example, to take the mistaken view that QE is ‘free money’. The MPG is a joint public and private sector body that was established by the South The earliest suggestions for the establishment of the Central Bank in South Africa date … The overall risks to the inflation outlook at this time appear to be to the downside. “The Monetary Policy Committee (MPC) has decided to cut the repo rate by 25 basis points, taking it to 3.50% per annum, with effect from 24 July 2020. Since the March meeting of the Monetary Policy Committee (MPC), the Covid-19 pandemic has spread globally and its impact is being felt through all economies. South Africa’s risk profile has increased. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920", as a direct result of the abnormal monetary and financial conditions which World War I had brought. The SA Reserve Bank Governor Lesetja Kganyago warned that the rolling out a full-blown quantitative easing program could risk He was appointed to the central bank's board as a … “The Monetary Policy Committee (MPC) has decided to cut the repo rate by 25 basis points, taking it to 3.50% per annum, with effect from 24 July 2020. With that in mind, the Bank expects GDP in 2020 to contract by 6.1%, compared to the -0.2% expected just three weeks ago. Weaker domestic growth and greater fiscal risks have resulted in a downgrade by Moody’s credit rating agency and confirmation of a negative outlook by Fitch, a weaker currency and higher borrowing costs for government, banks and firms. 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