{"id":61195,"date":"2024-02-18T17:46:22","date_gmt":"2024-02-18T17:46:22","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/dont-expect-interest-rate-cuts-soon"},"modified":"2024-02-18T18:13:45","modified_gmt":"2024-02-18T18:13:45","slug":"dont-expect-interest-rate-cuts-soon","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/dont-expect-interest-rate-cuts-soon","title":{"rendered":"Don\u2019t expect interest rate cuts soon"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa\u2019s top central banker told the Financial Times that \u201cthe job of taming inflation is not yet done,\u201d suggesting he\u2019s in no hurry to cut interest rates.<\/p>\n

The comments by Lesetja Kganyago, governor of the South African Reserve Bank, come as central banks in some emerging markets are moving to lower rates as price pressures subside.<\/p>\n

Policymakers in South Africa, who\u2019ve held rates steady at 8.25% since May, need to see more evidence that inflation is moving closer to the middle of an official 3% to 6% target range before changing tack, Kganyago said in an interview.<\/p>\n

The nation\u2019s headline inflation rate is currently at 5.1% and hasn\u2019t fallen sustainably enough, Kganyago said, adding, \u201cThe arrival of one swallow does not make a summer.\u201d<\/p>\n

The central bank\u2019s next policy meeting will be March 27.<\/p>\n

The central bank chief also said there are ongoing discussions into tapping into a government gold and foreign exchange account held at the bank.<\/p>\n

The account has swollen to about R500 billion due to the rand\u2019s drop against leading currencies.<\/p>\n

Any transfer would need to preserve the central bank\u2019s operational independence, he said, and paying interest to banks could deplete the reserve bank\u2019s available capital.<\/p>\n

\u201cOur law does not allow us to run negative equity, which means we would need to be capitalized,\u201d he said.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. South Africa\u2019s top central banker told the Financial Times that \u201cthe job of taming inflation is not yet done,\u201d suggesting he\u2019s in no hurry to cut interest rates. The comments by Lesetja Kganyago, governor of the South African Reserve Bank, come as central banks in some emerging markets are moving to lower […]<\/p>\n","protected":false},"author":84,"featured_media":61194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[274,315,275],"class_list":["post-61195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nDon\u2019t expect interest rate cuts soon - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s top central banker told the Financial Times that \u201cthe job of taming inflation is not yet done,\u201d suggestin ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dont-expect-interest-rate-cuts-soon\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don\u2019t expect interest rate cuts soon\" \/>\n<meta property=\"og:description\" content=\"South Africa\u2019s top central banker told the Financial Times that \u201cthe job of taming inflation is not yet done,\u201d suggestin ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dont-expect-interest-rate-cuts-soon\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-18T17:46:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-18T18:13:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/02\/sm_1708267321.15862.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dont-expect-interest-rate-cuts-soon#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dont-expect-interest-rate-cuts-soon\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Don\u2019t expect interest rate cuts soon\",\"datePublished\":\"2024-02-18T17:46:22+00:00\",\"dateModified\":\"2024-02-18T18:13:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dont-expect-interest-rate-cuts-soon\"},\"wordCount\":243,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dont-expect-interest-rate-cuts-soon#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/02\/sm_1708267321.15862.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dont-expect-interest-rate-cuts-soon#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dont-expect-interest-rate-cuts-soon\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dont-expect-interest-rate-cuts-soon\",\"name\":\"Don\u2019t expect interest rate cuts soon - 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