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Nigerian President Appoints New Civil Defence Boss. The South African economy is likely to recover to pre-crisis levels at the end of 2021 or 2022, said the deputy governor of the South African Reserve Bank (SARB) Fundi Tshazibana on Wednesday while speaking at the Absa Annual Fixed Income Conference. Photo: mike hutchings/Reuters Aug. 29, 2017 12:15 pm ET Central banks around the world responded swiftly by lowering interest rates and providing liquidity to maintain market functioning. The rand has depreciated by 22.6% against the USD since January and by 17.3% since the March meeting of the MPC. The COVID-19 pandemic has demonstrated the extent of interconnectedness of the global economy through production value chains, trade, financial markets, travel, and the exchange of knowledge. Lesetja Kganyago was reappointed by President Cyril Ramaphosa as the Governor of the Reserve Bank for a period of five years, with effect from 9 November 2019. The COVID-19 outbreak is having major health, social and economic impacts, which presents challenges in forecasting. BANK, L KGANYAGO SECOND RESPONDENT . However, as we have indicated in the past, improving the potential growth rate of the economy cannot be left to the central bank alone. MPC Statement 19 November 2020 Page 1 PRESS STATEMENT EMBARGO DELIVERY 19 November 2020 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kanyago, Governor of the South African Reserve Bank Governor of the South African Reserve Bank Lesetja Kganyago is suing Nelson Mandela Bay ANC councillor Andile Lungisa for defamation of character. All protocols observed. To ensure the continuity of the cash supply chain, an industry forum was established to monitor the availability of cash in circulation in the economy, along with the ongoing production of new currency. The South African Reserve Bank (SARB) is the central bank of South Africa. Governor Kganyago has more than 20 years of experience in formulating and implementing public policy, having spent this time at the central bank and at the National Treasury. ManagingDirector. Previous Governors; Legislation; Mandate; Functions. The faster the global economy recovers from the crisis, as China appears to be gradually doing now, the more positive growth spillovers will strengthen for South Africa, including healthy price levels for commodity exports. Regulatory and supervisory relief measures. 14 Apr 2020 Statement of the Monetary Policy Committee - Issued by Lesetja Kganyago, Governor of the South African Reserve Bank 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. Governor Kganyago has more than 20 years of experience in formulating and implementing public policy, having spent this time at the central bank and at the National Treasury. Philosophy; Banker and Advisor to Government; Management of the South African money and banking system; Risk Management. Policy; Governance Structure; Framework; Risk Management and Compliance Department; Processes; Approach And Methodology ; Whistle-blowing@SARB; Reserve Bank Shares. To address comments or complaints, please Contact us. SA Reserve Bank sees 50% third-quarter GDP rebound, holds interest rates steady By Ed Stoddard • 19 November 2020 Governor of the South African Reserve Bank Lesetja Kganyago. Against this backdrop, the MPC decided to cut the repo rate by 100 basis points. Lower oil prices will reduce petrol prices in the near term. The Bank’ s headline consumer price inflation forecast averages 3.6% for 2020,  4.5% for 2021, and 4. There are good reasons to have some prudential restrictions on capital leaving the country, especially savings in retirement funds and the reserves of insurance companies, Mr Kuben Naidoo, South African Reserve Bank (SARB) deputy governor and chief executive of the Prudential Authority, has said. 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. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. Migrants Targeted Over Roles in South African Informal Sector? The SARB has a statutory mandate to protect and enhance financial stability in South Africa by monitoring global and domestic conditions, using various indicators to identify the risks and vulnerabilities which may impact on the financial system. In line with a partial global recovery, we expect economic activity in South Africa to start recovering as lockdown measures are gradually eased. South African Ombud Denied Appeal on Dismissal Motion, Covid-19 Certificate Required for South Africa, Zimbabwe Travel, Inflated Deals A Debt Trap for Lesotho's Future Generations, HIV Prevention Injection Hailed As a Major Breakthrough for Women, UN Urges 'Shared Responsibility' on HIV/Aids, Covid-19 Pandemics, Joy For Cross-Border Traders As Zimbabwe Reopens Beitbridge. The recovery of the South African economy requires a multi-pronged policy approach. Consumer price inflation fell to as low as 2.1% year on year in May, down from 4.6% three months earlier. This takes the total cut in 2020 … The SARB acted swiftly to ensure the continued smooth functioning of financial markets. Lesetja Kganyago was born in Johannesburg, South Africa in 1965. Members or Alternates . This decline accelerated to an annualised rate of 2.0% in the first quarter of 2020, despite the nation-wide lockdown only coming into effect in the last few days of March. 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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. Fiscal authorities have contributed by delivering stimulus packages that are estimated to be larger than the response to the global financial crisis of 2008 and 2009. The SARB has indicated its willingness to offer longer-term repo facilities of up to 12 months, subject to liquidity conditions in the market. At the same time, the borrowing rate on the Standing Facility, which is the rate at which the SARB absorbs liquidity, was also adjusted lower. We have also seen the value in being part of a global community through the contributions that we were able to make through our advocacy in global forums, strengthening the global financial safety net. This will likely also increase job losses, with further consequences for aggregate demand. Global producer price inflation has decelerated. Two new deputy governors begin their tenures with the South African Reserve Bank today and bring a wealth of experience from both inside and outside of civil service. By submitting above, you agree to our privacy policy. Army to Help South African Police Deal With Attacks on Trucks? 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. Revisions to liquidity management operations comprised four elements. The earliest suggestions for the establishment of the Central Bank in South Africa date … These response measures have helped to ease global financial conditions, allowing governments and companies to continue accessing domestic and international financial markets, and thus being able to sustain business operations and provide support to households. The SARB initiated a process in January to monitor the effects of the pandemic on its operations, including the operations of its subsidiaries. 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. The South African Reserve Bank's actions during the COVID-19 crisis. The forecast for core inflation is lower at 3.8% in 2020, 4.0% in 2021, and 4.2% in 2022. The SARB expects headline inflation to average 3.4% in 2020, and 4.3% in both 2021 and 2022. Households may continue to maintain high precautionary savings, and uncertainty is likely to weigh on business capital spending plans. Motion Against South Africa's Ramaphosa a Looming 'Iceberg'? As noted earlier, while advanced economies conduct exceptionally accommodative policies, global financing conditions are no longer supportive of emerging market currency and asset values. Nomfundo Tshazibana (born c.1977), commonly known as Fundi Tshazibana, is a South African economist, who serves Deputy Governor of the South African Reserve Bank from 10 July 2019. The impact of the 300 basis points of rate cuts in 2020 has yet to filter through to the economy, Governor Lesetja Kganyago said. South Africa’s lockdown has been extended by an additional 14 days, bringing the total lockdown period to 35 days. Immediately prior to her appointment to that position, she served as an adviser to the Governor of the bank, since 10 February 2018. Expected impact of the South African Reserve Bank's response. 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 World Bank highlights that this will be the deepest global contraction since 1945, with a record 93% of the world's economies expected to experience economic contraction this year. South Africa’s central bank said on Wednesday the coronavirus had resulted in far reaching risks to financial stability and banks’ profitability would suffer, but lenders were in a good … The South African Reserve Bank’s Monetary Policy Committee has voted to cut the country’s rates by a further 25 basis points. 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. Philosophy; Banker and Advisor to Government; Management of the South African money and banking system; Risk Management. Policy; Governance Structure; Framework; Risk Management and Compliance Department; Processes; Approach And Methodology ; Whistle-blowing@SARB; Reserve Bank Shares. Many countries - especially in Africa, Latin America and South Asia - are still experiencing increases in new COVID-19 infections. Thank you for inviting me here today to speak about the South African economy. The South African Reserve Bank (Sarb) decided to keep the repo rate steady at 3.5% on Thursday, following the conclusion of its final Monetary Policy Committee (MPC) meeting for 2020 – a … Lesetja Kganyago (born 7 October 1965) is a South African economist and central banker. Due to global economic and financial conditions, as well as country-specific factors, South Africa experienced an increase in capital outflows and significant currency weakness between March and April. The SARB expects that the lockdown will cause output to contract by 7.3% in 2020. 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. 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. While the focus has been on monetary policy, coupled with regulatory and liquidity management measures, it has been essential for the SARB to ensure that key functions in the economy are not negatively affected by any disruptions to the national payment system and our currency operations. The Covid-19 outbreak will have a major health and social impact, and forecasting domestic economic activity presents unprecedented uncertainty. 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. We mark the 100th annual Ordinary General Meeting (AGM) of the South African Reserve Bank (SARB) at a time when the world is facing one of the most disruptive and challenging crises in recent memory. Image: Reuters. South Africa’s central bank held its benchmark interest rate for a second straight meeting and signaled increases next year, even as its forecasts … There was a problem processing your submission. Fundi Tshazibana. Longer- term inflation expectations have continued to decline towards 4.5%, which is the midpoint of the inflation target range. As a consequence, the high-frequency indicators suggest that the gradual lifting of lockdown restrictions in the major economies (first China, then Europe) has seen a rebound in manufacturing production and retail spending. The SARB's key operations have not been affected by the remote working arrangements. During the past year, the main risks to financial stability were identified as weak and deteriorating domestic macroeconomic conditions, government's fiscal position, cyberattacks on key financial infrastructures, and climate change. While there is limited information to assess the impact of interest rate adjustments and other regulatory measures, the decline in indicators of bond market frictions and the improvements in money market liquidity conditions testify to the positive impact of the SARB's liquidity management measures. After all, everything we do is through our people. International food prices have eased and local food price inflation is expected to remain low, in part due to higher domestic production levels. Although many of these moves have been reversed, on balance, capital inflows remain below those of our emerging market peers. “Lower longer-term inflation outcomes are … South Africa’s risk profile has increased. The South African Reserve Bank has a responsibility to maintain price stability and look after the economy. A Joint Operational Committee (JOC) was established in February to lead the SARB's response and ensure business continuity. Such steps will further reduce existing constraints on monetary policy and its transmission to lending. Our assessment to date finds that the financial system remains resilient. Interest rate decisions are expected to play an important role in replacing displaced income. 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. As we navigate through this COVID-19 storm, the SARB will continue to deploy its tools, as appropriate, in accordance with its mandate, to provide support to the South African economy. Current indications from the World health Organisation are that the pandemic is unlikely to end quickly, with shorter, less virulent waves hitting over time. Neither is it a time to venture into policies or instruments that have proved a failure in economic history. GDP is expected to grow by 2.2% in 2021 and by 2.7% in 2022. By Suren Naidoo 19 Nov 2020 15:10 Lesetja Kganyago, governor of the South African Reserve Bank. There are tough choices for us to make as a society. The COVID-19 pandemic has placed significant pressure on the global as well as domestic economies, and the livelihoods of citizens. The SARB's policy responses are an important element of providing support to the economy. Inflation expectations for 2020 are at around 3.9%, the lowest in recorded history. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. ... we maintain our call for the policy rate to end 2020 … In a webinar hosted by the Cape Town Press Club, the governor addressed the audience in an animated fashion, comparing the … Lesetja Kganyago was reappointed as the Governor of the South African Reserve Bank (SARB) for a second term in November 2019; his first was effective from 9 November 2014. Police Units Raid Offices of South African Lottery Commission, South African Court Sets Aside Revenue Service's 'Rogue' Report. Resource-exporting economies and countries with a high reliance on debt markets for funding will become even more vulnerable if capital continues to flow out of emerging market economies. South African Reserve Bank Governor Lesetja Kganyago listens during an interview in New York City, in New York, US, on November 9, 2017. AllAfrica publishes around 900 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. The US Federal Reserve has taken further steps to expand its balance sheet. THE president of Zambia, Edgar Lungu, on Saturday dismissed Bank of Zambia governor Denny Kalyalya without giving a reason for the surprise move. Consequently, the SARB's inflation forecast now sees core inflation remaining within the lower half of the target range for the remainder of the forecast period, vthat is until the end of 2022. Third, the end-of-day lending rate on the Standing Facility was reduced from repo plus 100 basis points to the repo rate. This has resulted in a delay in economic reopening or, in some cases, has led to renewed lockdown restrictions. 4% in 2022. Our projections for 2021 and 2022 are for GDP to recover to 3.7% and 2.8% respectively. For example, mining and manufacturing production plunged by 37% and 44% month on month, respectively, in the month of April. Previous Governors; Legislation; Mandate; Functions. The next statement of the Monetary Policy Committee will be released on 21 May 2020. Fugitive Cleric Bushiri Now Wanted For Rape in South Africa, Tight Lockdown Rules as COSAFA U-20 Gets Underway in South Africa, New Surveys May Shed Light On South Africa's Covid-19 Epidemic, New Nests are Helping African Penguins Breed, As Covid-19 Surges, South Africa Cracks Down on Coastal Metro. Policy responses to the crisis have generally been robust, with the magnitudes dependent on the degree of policy space available to countries. Murat Uysal, Governor, Central Bank of Turkey (Alternate for Berat Albayrak, Minister of. To complete the process, please follow the instructions in the email we just sent you. Second, we introduced a three-month term repo facility, which is offered in addition to the weekly main refinancing operations. However, as policymakers, we must ensure that our economy is well placed to take advantage of improving global conditions. Will the Music Stop for South African Live Performers? As we move towards economic recovery, the opening up of global trade channels will be important for South Africa as a small open economy. Reserve Bank Governor, Lesetja Kganyago will announce the Monetary Policy Committee's decision. This benign inflation outlook has allowed the Monetary Policy Committee (MPC) room to reduce the repurchase rate (repo rate). Lesetja Kganyago was reappointed by President Cyril Ramaphosa as the Governor of the Reserve Bank for a period of five years, with effect from 9 November 2019. Lesetja Kganyago: The South African Reserve Bank, the coronavirus shock, and "the age of magic money" Lecture by Mr Lesetja Kganyago , Governor of the South African Reserve Bank, at the Wits School of Governance, Johannesburg, 18 June 2020. In addition, the liquidity operations have supported market functioning, which is important for financial stability. Let me conclude with some key points for reflection in the ongoing discourse about the role of the SARB in the economic recovery. Please try again later. Since March, the majority of our staff has been working remotely. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. 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. Government's debt issuance is higher; the deteriorating economic conditions have increased the credit risks faced by financial institutions; periods of market stress and volatility have placed a higher strain on market infrastructures. The South African Reserve Bank (SARB) has cut the repo rate by 25 basis points. 31 July 2020. The decision was unanimous. 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. Governor Lesetja Kganyago: Lecture at Wits School of Governance 18 Jun 2020 Lecture by Lesetja Kganyago, Governor of the South African Reserve Bank, at the Wits School of Governance in Johannesburg The South African Reserve Bank, the coronavirus shock, and ‘the age of magic money’ 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. To place our economy on a sound and sustainable growth path, the SARB stands ready to provide support to the economy within its mandate. Coupled with prudent macroeconomic policies and structural reforms, a lower cost of capital can support growth in long-term investment. 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. A House Divided - South African Ruling Party Facing Major Split? Despite South Africa's well-documented low economic growth and high unemployment rates, South African Reserve Bank (SARB) Governor Lesetja Kganyago has … Within the central banking community, the actions of major global central banks have provided space for the SARB to respond to our unique domestic conditions. More than R30 billion worth of government bonds has been bought since the commencement of the programme in March this year. The SARB was only the fourth central bank established outside the United Kingdom and Europe, the others being the United States, Japan and Java. In addition, the prolonged period of remote working has increased cybersecurity risks. It would be amiss of me not to reflect on how the SARB itself is managing the impact of the pandemic. The last time a figure of this magnitude appeared in our data was in 1931, during the Great Depression, when output fell by 6.2%. The implied path of policy rates over the forecast period generated by the Quarterly Projection Model indicates five repo rate cuts of 25 basis points extending into the first quarter of 2021. Government of South Africa (Pretoria) press release. Each of these steps make more capital available to households and firms. He is the Governor of the South African Reserve Bank (SARB). Four repo rate cuts have been made since March 2020, as follows: a 100 basis points cut at a special MPC meeting in April 2020; Domestic money market liquidity management. 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. Electricity pricing remains a concern but has moderated somewhat. 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. 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 unprecedented restrictions imposed by countries to try and contain the spread of the virus have contributed to plunging economic activity, ending the global economic expansion that had started in 2010. The impacts will be particularly severe for small businesses, and individuals with earnings in the informal sector. Monetary policy can ease financial conditions and improve the resilience of households and firms to the economic implications of Covid-19. 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 … The slight drop in inflation may provide room for the South African Reserve Bank to reduce rates further in November. He was appointed to that post on 6 October 2014, by Jacob Zuma, the former President of the Republic of South Africa (RSA). In South Africa, the COVID-19 crisis appeared at a time when our domestic economy was already vulnerable and in a technical recession. Lastly, as an extra measure to add liquidity and promote the functioning of the bond market, the SARB commenced with a programme of purchasing government securities in the secondary market. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC. 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) THE GOVERNOR OF THE . Opening address by Mr Lesetja Kganyago, 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. The South African rand depreciated by 22% between February and the end of April. Since the 2008/2009 global financial crisis, South Africa has implemented reforms to strengthen its regulatory framework for financial institutions and improve the resilience of the financial system. South African Reserve Bank governor Lesetja Kganyago in Cape Town, South Africa, on Aug. 1. This stimulus has provided support to the health sector and to vulnerable households and businesses. 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. We have also prioritised the implementation of medical and wellness protocols throughout the South African Reserve Bank Group (SARB Group). While second-quarter GDP data are not yet available, there is sufficient evidence to confirm that the lockdown has exerted a drag on economic activity. While major economies in Asia and Europe appear to be on the road to recovery, the United States (US) and most of the emerging world are still very much in the midst of the crisis. I would like to thank the International Development Law Unit at the Centre for Human Get the latest in African news delivered straight to your inbox. South African Reserve Bank stands ready to provide support to the economy within its mandate,” Kganyago said. Governor of the South African Reserve Bank, at the University of the Free State Bloemfontein 4 March 2020 Sound policy is an imperative for growth Good evening, ladies and gentlemen. Lesetja Kganyago was reappointed as the Governor of the South African Reserve Bank (SARB) for a second term in November 2019; his first was effective from 9 November 2014. October 15, 2020. Business and consumer confidence has also fallen as uncertainty levels reached new highs. Created Date. 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. Global economic and financial conditions are expected to remain highly volatile for the foreseeable future. And while there are signs of recovery in some sectors, much uncertainty remains. The SARB continually monitors for signs of stress in the system, and will continue to act as appropriate to mitigate any risks. First, we put in place Intraday Overnight Supplementary Repurchase Operations (IOSROs) aimed at providing liquidity support to commercial banks. 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