{"id":67363,"date":"2024-05-31T07:12:32","date_gmt":"2024-05-31T07:12:32","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-expected-to-keep-interest-rates-high-amid-election-uncertainty"},"modified":"2024-05-31T08:07:12","modified_gmt":"2024-05-31T08:07:12","slug":"reserve-bank-expected-to-keep-interest-rates-high-amid-election-uncertainty","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-expected-to-keep-interest-rates-high-amid-election-uncertainty","title":{"rendered":"Reserve Bank expected to keep interest rates high amid election uncertainty"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa\u2019s central bank is set to leave interest rates unchanged, staying the course in the inflation fight amid political uncertainty one day after the country\u2019s tightest election in 30 years.<\/p>\n

Economists polled by Bloomberg expect Governor Lesetja Kganyago\u2019s monetary policy committee will keep the benchmark rate at a 15-year high of 8.25% on Thursday when he announces the decision shortly after 15:00 local time.<\/p>\n

Most surveyed in a separate poll also expect the decision, which comes a day after the elections, to be unanimous.<\/p>\n

The bar for a rate cut has not been cleared yet, said Nicky Weimar, Nedbank Group Ltd.\u2019s chief economist.<\/p>\n

\u201cWhile April\u2019s inflation report was encouraging, the rate of disinflation remains painfully slow, and it is too early to observe a compelling downward trend towards the South African Reserve Bank\u2019s target of 4.5%,\u201d Weimar said.<\/p>\n

Although inflation eased for a second straight month in April to 5.2%, it remains above the midpoint of the central bank\u2019s 3% to 6% target range. Kganyago, who was reappointed to a third five-year term in March, has repeatedly said it will only adjust policy once inflation slows to the midpoint and stabilizes there.<\/p>\n

Still, some economists suggest that while the elections won\u2019t influence Thursday\u2019s rate decision, they could have an impact in the future if the outcome is positive for South Africa\u2019s currency.<\/p>\n

The rand has appreciated 3% since the MPC last met, buoyed by the view that the next government will still be led by the ruling ANC, keeping the country on a market-friendly path even if it has to form a coalition with a smaller rival.<\/p>\n

Opinion polls conducted prior to the elections showed support for the ANC dipping below 50% for the first time since it came to power in 1994.<\/p>\n

More rand gains \u201cperhaps by way of a post-election rally in South African assets \u2013 if considered long-lasting \u2013 could conceivably influence the inflation outlook sufficiently to allow for earlier easing,\u201d said Razia Khan, chief economist for Standard Chartered Bank.<\/p>\n

\u201cWe have a baseline that they will remove the assessment of upside inflation risks and begin cutting in the third quarter,\u201d said Andrew Matheny, an economist at Goldman Sachs, who expects rates to be held on Thursday.<\/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 central bank is set to leave interest rates unchanged, staying the course in the inflation fight amid political uncertainty one day after the country\u2019s tightest election in 30 years. Economists polled by Bloomberg expect Governor Lesetja Kganyago\u2019s monetary policy committee will keep the benchmark rate at a 15-year high of […]<\/p>\n","protected":false},"author":84,"featured_media":67361,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-67363","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":"\nReserve Bank expected to keep interest rates high amid election uncertainty - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s central bank is set to leave interest rates unchanged, staying the course in the inflation fight amid pol ...\" \/>\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\/reserve-bank-expected-to-keep-interest-rates-high-amid-election-uncertainty\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reserve Bank expected to keep interest rates high amid election uncertainty\" \/>\n<meta property=\"og:description\" content=\"South Africa\u2019s central bank is set to leave interest rates unchanged, staying the course in the inflation fight amid pol ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-expected-to-keep-interest-rates-high-amid-election-uncertainty\" \/>\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=\"2024-05-31T07:12:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-31T08:07:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/05\/sm_1717130085.802673.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\/reserve-bank-expected-to-keep-interest-rates-high-amid-election-uncertainty#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-expected-to-keep-interest-rates-high-amid-election-uncertainty\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Reserve Bank expected to keep interest rates high amid election uncertainty\",\"datePublished\":\"2024-05-31T07:12:32+00:00\",\"dateModified\":\"2024-05-31T08:07:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-expected-to-keep-interest-rates-high-amid-election-uncertainty\"},\"wordCount\":392,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-expected-to-keep-interest-rates-high-amid-election-uncertainty#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/05\/sm_1717130085.802673.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\/reserve-bank-expected-to-keep-interest-rates-high-amid-election-uncertainty#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-expected-to-keep-interest-rates-high-amid-election-uncertainty\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-expected-to-keep-interest-rates-high-amid-election-uncertainty\",\"name\":\"Reserve Bank expected to keep interest rates high amid election uncertainty - 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