South Africa
Emerging market fundamentals mean investment still makes sense, says Sarb deputy
South African Reserve Bank deputy governor Daniel Mminele tells investor conference that recent volatility is testimony EMs increased responsiveness to changes in underlying fundamentals
Researchers compare South African capital markets with international counterparts
South African Reserve Bank working paper examines how the country’s equity, currency, bond and derivatives markets in South Africa have developed and how they compare with others
BIS' Cecchetti evaluates OTC derivatives reform
BIS Monetary and Economic department head Stephen Cecchetti says market responses to OTC derivatives reform will alter degree of netting of counterparty exposures
Sarb looks to rein in money market liquidity
South African Reserve Bank concerned that high levels of liquidity could threaten the monetary policy transmission mechanism; plans to drain excess cash over a number of years
South African market inefficiencies keep ‘insiders happy and outsiders out'
Sarb deputy governor Francois Groepe says speedy implementation of key proposals in the National Development Plan would be a good start for spurring more inclusive growth
Sarb issues new collateral requirements for committed liquidity facility
While revisions to Basel III have reduced South African banks' immediate LCR shortfall, they are still 140 billion rand short, according to the central bank
Sarb deputy hails role of accountants in South African recovery
François Groepe tells new cadre of chartered accountants that they have an important role in ensuring ‘structural challenges' are addressed effectively
Policy adjustments could create 1.7 million additional South African jobs, new paper argues
‘The combined impact of reducing transport and communication costs, reducing the skill constraint, and increasing foreign direct and domestic investment' could increase potential growth to 8%
South African paper models international spillovers
Study finds South Africa is a ‘net receiver’ of spillovers from other economies; suggests this is likely to persist as business cycle synchronisation has increased
African growth could be ‘derailed’ by geopolitical tensions
South African Reserve Bank fears terrorism in continent’s key growth economies and heightened risk of social unrest could harm Africa’s growth prospects; also concerned by domestic unemployment
IMF and Sarb push for stronger systemic supervision in Africa
Joint effort to highlight importance of macro-prudential approach in addition to scrutiny of individual institutions; IMF pushing for tighter supervision
South Africa governor outlines ‘upside' inflation risks
Sarb governor expects inflation to breach target range but immediately return; explains decision to hold rates
FSB endorses South African reform efforts
First peer review under new guidelines praises South African plans for ‘twin peaks’ regulators and tighter OTC derivatives rules; implementation still presents obstacles
South Africa moves toward UK-style ‘twin peaks’ regulators
Sarb issues consultative document on introduction of prudential and conduct regulators similar to plans in the UK; IMF study encounters problems in testing efficacy of macro-prudential policy
Sarb hires head of new international relations department
Legal professor Daniel Bradlow will lead a new department at South African Reserve Bank designed to co-ordinate and direct its participation in international forums
Sarb deputy says domestic woes are impacting growth
South African Reserve Bank deputy governor says domestic issues, including labour strikes, are dictating price and exchange rate concerns; growth rate likely to need downward revision
South African governor seeks non-monetary integration
Gill Marcus talks about the importance of regional integration but believes this should not be pursued through monetary arrangements
Sarb paper establishes new inflation measure
South African Reserve Bank research reveals alternative measure of core inflation; designed to remove elements of ‘noise’
Sarb creates new position to streamline support services
South African Reserve Bank announces appointment of a chief operating officer; from November 1 Pradeep Maharaj will be responsible for all support services at the central bank
Sarb reveals details of new banknotes
South African Reserve Bank initiates national campaign about introduction of new banknotes; currency bearing image of Nelson Mandela will be in circulation by end of year
Sarb chief economist announces early retirement
Monde Mnyande leaves South African Reserve Bank after 17 years of service; served on MPC and Financial Stability Committee
Impending drop in economic growth, warns South African research
South African Reserve Bank working paper uses new model to analyse financial conditions; finds conditions have declined and threaten GDP growth
South African paper assesses micro data and policy responses
Sarb working paper explores pricing conduct at a micro-data-set level and how this affects monetary policy; finds results diverge from Bayesian estimation techniques
Sarb annual report notes ‘pedestrian’ growth days after rate cut
Annual economic report shows South African output ‘losing some momentum’ in 2012; follows 50bp rate cut by central bank