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Former Wits SRC President Mcebo Dlamini. Picture Credit: Gallo Images
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Mboweni gives South Africa's economy credit

By unknown | Apr 13, 2007 | COMMENTS [ 0 ]

Staff reporter

Staff reporter

Petrol and food price hikes have caused inflation worries to increase slightly since the Monetary Policy Committee met two months ago, but this is outweighed by the country's strong economic growth, Re-serve Bank gover-nor Tito Mboweni said yesterday.

The committee vot-ed to hold the Reserve Bank's repo rate at 9percent. The governor said that while some prices had gone up, others had gone down.

Economists tend to analyse speeches of Reserve Bank governors for "hawkish" comments hinting at interest rate hikes in the future. Yesterday's speech indicated rates are likely to hold steady for a while.

"The South African economy has grown at a rate of 5percent in each of the past three years, a level which we estimate to be slightly above potential. Indications are that growth rates around this level are likely to be sustained during 2007," Mboweni commented.


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