"Should Moody's deliver a downgrade to SA’s rating, this will push the country into sub-investment grade and marked currency weakness would be likely, along with higher bond yields and short-term money market rates," Bishop said. Talk to the SARB Forums. “The largest positive contributions to the movement in the composite leading business cycle indicator in July were increases in the number of residential building plans approved and in the RMB/ BER Business Confidence Index,” the Sarb said in a statement. BACK TO CITIZEN Banking sector data Careers Events Calendar All events. Moody's Rating Agency is expected to release its rating decision on South Africa on Friday and on the international front, the United Kingdom's looming decision on Brexit is expected to have severe consequences on the British pound. Lukman Otunuga, research analyst at forex brokerage firm FXTM, said the markets widely expect the central bank to keep the repo rate on hold at 6.75 percent in March on the back of a depreciating rand. BER Business Confidence Index,” the Sarb said in a statement. It was not, however, all good news, as seen in a pair of measures making up a part of the composite business cycle indicators. By ANA Reporter Mar 28, 2019 JOHANNESBURG – The rand weakened against the dollar on Thursday morning ahead of the South African Reserve Bank (SARB) rate decision later in … Annabel Bishop, Investec Bank chief economist, said the Sarb's monetary policy committee (MPC) was likely to keep the repo rate on hold this week in the current environment of heightened uncertainty. var googletag = googletag || {}; googletag.cmd = googletag.cmd || []; South Africa “While the leading indicator shows expectations for economic activity in six to 12 months’ time and it is showing improvement, one must be wary in concluding that this implies a full recovery from the lockdown,” says Sarb economic analyst Adri Wolhuter. Nevertheless, other than indicating that the recovery has started, the indicators cannot scale it. Sarb warns against getting involved in non-licensed financial service firms. SARB Webcasts. For its part, the composite lagging business cycle indicator increased 2.1% on a month-tomonth basis in June. It said its composite coincident business cycle indicator increased 3.7% on... Daily news update: Farm murders in the spotlight, Farm attacks: ‘Not a matter of if, but when you become a victim’, ‘SA on brink of a catastrophe’, as youngsters fear entering farming profession, Journos assaulted in Senekal court chaos as farmers go on rampage, The Citizen e-edition/ print bundle subscription rates. The … The composite leading business cycle indicator, which is composed of 10 available time series components, saw eight of them improve on a month-tomonth basis in July. Sterling has tumbled as uncertainty over Britain's exit from the EU dampened investor interest in the currency. The economy is on the mend. "Should this deterioration be substantial the MPC could even hike rates before 23rd May 2019, its next MPC meeting. JOIN PREMIUM "The rand has scope to weaken further if the central bank expresses concerns over the domestic economy and possible impacts of geopolitical risks.". Though the regression in these two indicators is disappointing, the overall positive direction is good news for an economy which has taken a pounding after the Covid-19 crisis saw the government implement an almost complete lockdown in late March and has seen it steadily open parts of it over the following months. Journos assaulted in Senekal court chaos as farmers go on rampage. MPC Meeting Dates 2020 . This is according to the South African Reserve Bank (Sarb) composite business cycle indicator released this week. The composite leading business cycle indicator, which is composed of 10 available time series components, saw eight of them improve on a month-tomonth basis in July. ‘SA on brink of a catastrophe’, as youngsters fear entering farming profession, Courts "With global growth concerns and geopolitical risks weighing on sentiment, the Sarb is likely to remain cautious like many other major central banks," Otunuga said. SIGN OUT. Although the country only went to Alert Level 1 on Monday, there were already signs that the economy was starting to get traction before the move to the current alert level, which allows the most economic activity within the country’s Covid-19 risk adjustment strategy. The economy is on the mend. Fear and loathing in rural South Africa, Crime This article first appeared on Rekord and was republished with permission. SIGN IN “The two negative contributors were a deceleration in the six-month smoothed growth rate in the real M1 money supply and in the 12-month percentage change in job advertisement space.”. At lunchtime on Thursday, the rand was trading at R14,69/$1, up 0.61 percent. For more news your way, download The Citizen’s app for iOS and Android. Contacts @ SARB. The economy is on the mend. South Africa's official Coronavirus (Covid-19) online news and information portal. It said its composite coincident business cycle indicator increased 3.7% on a month-tomonth basis in June. “The largest positive contributions to the movement in the composite leading business cycle indicator in July were increases in the number of residential building plans approved and in the RMB/ ", South African business confidence's recovery stalls in September, © 2020 Independent Online and affiliated companies. Internet Banking. It was supported by increases in retail and new vehicle sales, and industrial production to a lesser extent, following improved economic activity as lockdown restrictions were gradually lifted.

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