{"id":24048,"date":"2011-09-25T09:32:37","date_gmt":"2011-09-25T13:32:37","guid":{"rendered":"http:\/\/countingpips.com\/fx\/2011\/09\/25\/south-african-reserve-bank-keeps-repo-rate-at-5-50\/"},"modified":"2011-09-25T09:32:37","modified_gmt":"2011-09-25T13:32:37","slug":"south-african-reserve-bank-keeps-repo-rate-at-5-50","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/09\/25\/south-african-reserve-bank-keeps-repo-rate-at-5-50\/","title":{"rendered":"South African Reserve Bank Keeps Repo Rate at 5.50%"},"content":{"rendered":"<p><span><span>The&nbsp;<a href=\"http:\/\/www.resbank.co.za\/Pages\/default.aspx\">South African Reserve Bank<\/a>&nbsp;[SARB] kept its monetary policy interest rate, the repo rate, on hold at 5.50%. &nbsp;The Bank said: &#8220;Recent data have confirmed the fragile and uneven nature of the domestic economic recovery, and unfavourable forward-looking indicators are consistent with a downward revision of the Bank&#8217;s economic growth forecast. At the same time a number of exogenous factors have continued to put upward pressure on domestic inflation. This combination of declining growth and rising inflation poses a challenge to monetary policy going forward, and is a feature being experienced in a number of emerging markets.&#8221;<\/span><\/span><br \/><span><\/span><br \/><a name='more'><\/a>Previously the SARB also held the&nbsp;repo <a href=\"http:\/\/www.centralbanknews.info\/2011\/07\/south-african-reserve-bank-holds-rate.html\">rate&nbsp;unchanged<\/a> at its July meeting this year, the Bank last cut the repo rate by 50bps to 5.50% in November 2010. &nbsp;South Africa reported annual inflation of 5.3% in August and July, 5% in June, 4.6% in May, and 4.2% in April this year, compared to its official inflation target range of 3-6%. South Africa&#8217;s economy grew 1.3% in the June quarter, while the SARB is forecasting 2011 growth of 3.2%. &nbsp;The South African Rand (ZAR) has weakened by about 25% against the US dollar so far this year, with the USDZAR <a href=\"http:\/\/www.centralbanknews.info\/p\/currency-regimes.html\">exchange rate<\/a> trading around 8.31<\/p>\n<div><span><span> <br \/><a href=\"http:\/\/www.centralbanknews.info\/\">www.CentralBankNews.info<\/a><\/span><\/span><\/div>\n<div><img loading=\"lazy\" decoding=\"async\" width=\"1\" height=\"1\" src=\"https:\/\/blogger.googleusercontent.com\/tracker\/8290544642025682538-7875631914772335481?l=www.centralbanknews.info\" alt=\"\" \/><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The&nbsp;South African Reserve Bank&nbsp;[SARB] kept its monetary policy interest rate, the repo rate, on hold at 5.50%. &nbsp;The Bank said: &#8220;Recent data have confirmed the fragile and uneven nature of the domestic economic recovery, and unfavourable forward-looking indicators are consistent with a downward revision of the Bank&#8217;s economic growth forecast. At the same time a &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2011\/09\/25\/south-african-reserve-bank-keeps-repo-rate-at-5-50\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;South African Reserve Bank Keeps Repo Rate at 5.50%&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-24048","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/24048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=24048"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/24048\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=24048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=24048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=24048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}