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South Africa’s monetary policy still accommodative

By Olivia Kumwenda-Mtambo
Posted on Friday, 12 August 2016 09:36

“The moderate nature of the tightening cycle is due to our concern over the growth outlook,” Groepe said in a speech posted on the bank’s website.

“Furthermore, real interest rates remain relatively low, implying an accommodative monetary policy stance despite the tightening.”

The South African Reserve Bank has hiked the key benchmark rate – now standing at 7 percent – by a cumulative 200 basis points since January 2014 in a bid to bring inflation within its target band of between 3 and 6 percent.

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