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South Africa has played down suggestions from Moody’s that political pressure could lead to a further deterioration in public finances.
The Reserve Bank’s note about the economy has hinted at a chance of a rate cut, despite a stronger-than-expected performance in the factory sector.
The rand tumbled nearly 3% to hit 16-month lows against the dollar as importers piled into the greenback, spooked by a recent trend of sharp declines.
The pace of spending in the economy slowed sharply in the second quarter — partly as household consumption eased — but investment has picked up.
South Africa’s current account gap narrowed to a seven-year-low in the fourth quarter of 2010, while expenditure slowed, the Reserbe Bank said.
Nationalisation of South Africa’s mines and other economic assets is not government policy, Finance Minister Pravin Gordhan said on Monday.
South Africa needs to double the rate of its economic growth in order to create jobs, Finance Minister Pravin Gordhan said on Thursday.
South African retail sales rose more than expected in May, growing for the fifth month in a row ahead of the soccer World Cup.
Finance minister and auditor general are to investigate World Cup ticket purchases by government agencies amid concerns over "wasteful expenditure".
The deficit on South Africa’s current account widened more than expected in the first quarter.
Demand for credit from South Africa’s private sector fell more than expected in April, reflecting companies’ reluctance to borrow further.
South African retail sales fell more sharply than expected in November, highlighting the weakness of consumer demand.
The SARB will likely keep rates unchanged at the end of a two-day meeting that started on Monday, the first to be chaired by new Governor Gill Marcus.
Rising credit impairments at South African banks do not pose a major systemic threat to the financial sector, the central bank said on Tuesday.
South Africa’s targeted consumer inflation likely slowed further in August, a poll has shown.
SA’s targeted consumer inflation is likely to have slowed further in July on easing food prices and depressed local demand, a Reuters survey showed.
South Africa’s central bank should pursue its objectives of maintaining price stability regardless of political pressure, Governor Tito Mboweni said.
SA economic confidence rose in July on the back of an expected mild economic recovery next year, the Reuters Econometer showed on Thursday.
South African economic confidence fell to a nine-month low in June due to expectations that the economy will shrink faster than previously expected.
South African building workers began an indefinite strike on Wednesday that will halt work at stadiums for the 2010 World Cup.
