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SARB disputes downgrade of Capitec Bank

capitec bank limited

The South African Reserve Bank (SARB) says while it has taken note of rating agency Moody’s decision to downgrade Capitec Bank Limited, it does not agree with the decision. [Read more…]

SARB fines country’s big banks

South African Reserve Bank

South African Reserve Bank

The South African Reserve Bank (SARB) has fined the country’s big four banks R125 million collectively, it said on Wednesday. [Read more…]

SA to diversify reserves

NZ dollar

South Africa’s Reserve Bank is set to invest in currencies such as the Korean Won, Australian Dollar and the New Zealand Dollar. [Read more…]

Inflation a challenge for central bank

SA Reserve Bank

SA Reserve Bank

 

Pretoria – Head of Research at the South African Reserve Bank, Rashad Cassim, says rising inflation is a challenge for the central bank. [Read more…]

Reserve Bank heads to take a salary freeze

Gill Marcus - Reserve Bank Governor

Gill Marcus – Reserve Bank Governor

Pretoria – Reserve Bank Governor Gill Marcus, the bank’s deputy governors, together with the bank’s board members –  have decided to forgo salary increases in 2013 – given the global economic outlook, said the central bank. [Read more…]

Reserve Bank sounds warning

South African Reserve Bank

South African Reserve Bank

Pretoria – The South African Reserve Bank views risks to the country’s inflation projections as being skewed slightly to the upside.

“Uncertainty regarding future developments in cost–push pressures and the exchange rate pose an upside risk to the outlook, which more than offsets the downside risks from possible contagion effects from the European crisis and associated slow growth,” said the bank in its Monetary Policy Review released on Tuesday. [Read more…]

Forex will shield SA

Foreign Currency Reserves

Foreign Currency Reserves

Cape Town – South Africa’s low lending rate and the Reserve Bank’s stockpiling of more than $50 billion in foreign currency would help shield the country from some of the turmoil experienced by global markets in recent days, Johan van den Heever, the Reserve Bank’s deputy chief economist said today. [Read more…]

R1.2bn Reserve Bank losses

South African Reserve Bank

South African Reserve Bank

Pretoria – The South African Reserve Bank reported a R1.2 billion after-tax loss in the year ended March 2011, it said in its Annual Report.

According to the document, capital flows to many emerging markets in the final quarter of 2010 and early 2011 with a similar pattern were observed in South Africa. [Read more…]

Reserve Bank eyes inflation

Reserve Bank - South Africa

Reserve Bank - South Africa

Pretoria – The Reserve Bank has vowed to keep a watchful eye on second-round effects of inflation, it stated in its May Monetary Policy Review.

“The MPC will remain vigilant with respect to indications of second-round effects or generalised inflation, and will not hesitate to take timeous appropriate action, particularly if inflation is expected to move out of the target range on a sustained basis,” said the central bank on Tuesday. [Read more…]