{"id":62679,"date":"2024-03-13T12:12:58","date_gmt":"2024-03-13T12:12:58","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-warns-interest-rates-will-stay-higher-for-longer"},"modified":"2024-03-13T13:22:11","modified_gmt":"2024-03-13T13:22:11","slug":"kganyago-warns-interest-rates-will-stay-higher-for-longer","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-warns-interest-rates-will-stay-higher-for-longer","title":{"rendered":"Kganyago warns interest rates will stay higher for longer"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South African Reserve Bank Governor Lesetja Kganyago warned that inflation remains sticky and the central bank will have to keep interest rates higher for longer to bring down inflation sustainably.<\/p>\n

South Africa should escape an influential global watchdog\u2019s dirty-money monitoring list early next year, the head of the country\u2019s central bank said, while lamenting that it ever ended up there in the first place.<\/p>\n

\u201cWe feel confident that South Africa will be removed from the grey list by the next review date, in 2025, given the fixes we are implementing,\u201d Governor Lesetja Kganyago told a Financial Sector Conduct Authority (FSCA) conference in Johannesburg Wednesday.<\/p>\n

The speech was mainly focused on financial conduct though Kganyago did reiterate that inflation remains sticky and monetary policy will need to remain tight.<\/p>\n

\u201cWe have significantly higher inflation, and although headline numbers are coming down, underlying inflation is still quite sticky,\u201d he said. \u201cInterest rates are staying higher for longer.\u201d<\/p>\n

In a harmful knock to its reputation, South Africa was placed on the grey list in February 2023 after the Paris-based Financial Action Task Force identified shortcomings in tackling illicit financial flows and combating terror financing.<\/p>\n

\u201cBut this has been a costly episode for us. The lesson is that joint efforts are required to look after the integrity of South Africa\u2019s financial system.\u201d<\/p>\n

The designation followed an era of endemic corruption \u2013 referred to locally as state capture \u2013 during former President Jacob Zuma\u2019s nine-year rule that\u2019s estimated to have cost at least R500 billion in taxpayer funds.<\/p>\n

Going on the grey list means that financial transactions with a South African component are subject to enhanced due diligence.<\/p>\n

A FATF report showed South Africa has addressed five of the 22 action items, but tackling all 17 of the remaining items by February 2025 remains challenging, the National Treasury said last month.<\/p>\n

Kganyago, in his Wednesday speech, noted the resilience of the South African banking sector during the recent stress of the Covid-19 pandemic.<\/p>\n

But he also cautioned that it suffered from a public image problem with people ready to believe the worst of their bankers, referencing alleged rigging of the rand that penetrated the popular discourse despite no evidence of a general conspiracy.<\/p>\n

\u201cPublic trust in the financial system is not as deep as it needs to be,\u201d he said. \u201cI worry about our ability to have well-informed policy conversations, in potentially more stressful circumstances, if bad analysis can get this kind of public reaction.\u201d<\/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 African Reserve Bank Governor Lesetja Kganyago warned that inflation remains sticky and the central bank will have to keep interest rates higher for longer to bring down inflation sustainably. South Africa should escape an influential global watchdog\u2019s dirty-money monitoring list early next year, the head of the country\u2019s central bank said, […]<\/p>\n","protected":false},"author":84,"featured_media":62678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-62679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nKganyago warns interest rates will stay higher for longer - South Africa<\/title>\n<meta name=\"description\" content=\"South African Reserve Bank Governor Lesetja Kganyago warned that inflation remains sticky and the central bank will have ...\" \/>\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\/kganyago-warns-interest-rates-will-stay-higher-for-longer\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kganyago warns interest rates will stay higher for longer\" \/>\n<meta property=\"og:description\" content=\"South African Reserve Bank Governor Lesetja Kganyago warned that inflation remains sticky and the central bank will have ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-warns-interest-rates-will-stay-higher-for-longer\" \/>\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=\"2024-03-13T12:12:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-13T13:22:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/03\/sm_1710322456.865875.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\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=\"3 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\/kganyago-warns-interest-rates-will-stay-higher-for-longer#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-warns-interest-rates-will-stay-higher-for-longer\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Kganyago warns interest rates will stay higher for longer\",\"datePublished\":\"2024-03-13T12:12:58+00:00\",\"dateModified\":\"2024-03-13T13:22:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-warns-interest-rates-will-stay-higher-for-longer\"},\"wordCount\":429,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-warns-interest-rates-will-stay-higher-for-longer#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/03\/sm_1710322456.865875.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-warns-interest-rates-will-stay-higher-for-longer#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-warns-interest-rates-will-stay-higher-for-longer\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-warns-interest-rates-will-stay-higher-for-longer\",\"name\":\"Kganyago warns interest rates will stay higher for longer - 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