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Tuesday, April 28, 2009

Cut, Cut, Cut

Well, the recent economic "down turn" seems likely to bring further rate cuts.

As Tito and "the boys" (the the Reserve Bank's Monetary Policy Committee ) sit down this week to look at a possible one base point reduction in the rate consumers hold their collective breathe.The central bank has basically doubled the frequency of its normal meetings since March and will now meet every month this year (except for July) to better respond to shifting global economic developments.

Financial market turmoil and recession in the USA and Europe have knocked the SA economy, hitting exporters and the vehicle industry as well as the manufacturing sector, which has experienced a serious decline.
Manufacturing output fell 15% year-on-year in February and Mining production fell by 12.8% in Feb. Mining is of course a huge factor in the SA economy.

Analysts are now predicting we could even see the repo at 7.5% by year-end.

The central bank's monetary policy committee meet today and tomorrow and central bank Governor Tito Mboweni will announce its rate decision around 15:00 next Thursday.
Cut,Cut,Cut...that's a wrap.

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