Repo Rate on Hold despite Mounting CPI

SOUTH AFRICA - Report 19 Sep 2014 by Iraj Abedian
As she tabled her last Monetary Policy Committee (MPC) statement of the South African Reserve Bank (SARB), Governor Gill Marcus left the repo rate unchanged at 5.75% per year. However, she cautioned of increasing upside risks to inflation on the back of a weak exchange rate. The Bank highlighted emerging markets currencies’ vulnerability to volatile financial markets due to speculation about the normalization of the monetary policy of the US. On the other hand, the moderating trend of commodity prices has offered reprieve, containing upward risks to inflation to some extent – more so on the...

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