South Africa
SARB removes apartheid's forex overhang
South African Reserve Bank governor Tito Mboweni said on Monday 1 March that the SARB last month closed out its oversold forward book to eliminate a structural overhang in the economy caused by apartheid.
IMF reports no exact cause to rand collapse
IMF economists have concluded that no clear answer existed for the rapid depreciation of the South African rand between September and December of 2001.
Sources of exchange rate fluctuations in S Africa
IMF Working Paper on the "Sources of Nominal Exchange Rate Fluctuations in South Africa" published December 2003.
SARB MPC cuts repo rate by 50 points to 8%
The South African Reserve Bank has cut interest rates to 8 per cent, reports Business day. This brought the total amount of rate cuts to 550 basis points since the first cut this year was announced on June 12.
Mboweni says price stability is SARB's aim
South African Reserve Bank governor Tito said on Monday 1 December that price stability remains the central bank's core objective, according to Finance 24. "Monetary policy will continue to focus on the objective of price stability" and the outlook for…
SARB increases dollar buying
The South African Reserve Bank said in a statement released on Friday 28 November that it increased its purchase of US dollars during November, Business Africa reports. SARB governor Tito Mboweni emphasised that these operations represented normal…
SARB's inflation targeting made simpler
Changes have been made to the South African Reserve Bank's inflation target making the central bank's task easier, Governor of the SARB, Tito Mboweni said, reports Finance 24. In future it will target the year on year CPIX rate on a continuous basis,…
Mboweni sees bumpy road to African central bank
South African Reserve Bank governor Tito Mboweni has struck a cautious note on the idea of a single African currency, reports All Africa News. He pointed out in a recent speech that intra-continental trade was extremely disappointing, thereby making it…
SARB's Mboweni on African economic integration
In a speech on 'African economic integration' given on 9 October, Tito Mboweni of the South African Reserve Bank said that there is little doubt that there have been major changes in economic policy in many African countries in the recent past. Many of…
SARB cuts repo rate by 1.5%
With effect from Friday 17 October, reports Business Africa, the South African Reserve Bank will cut its main repo rate to 8.5 percent, Tito Mboweni said at the end of the two-day meeting by the SARB's Monetary Policy Committee on Thursday.
Mboweni against Africa's single currency proposal
SARB governor Tito Mboweni has said he is against the idea of the rand being adopted as Africa's single currency when the African Monetary Union is established, according to a report by SABC News. Mboweni said it would be much better to start afresh,…
Mboweni reviews the SARB and its activities
In the speech 'Review of the Central Bank and its Activities: 1998 - 2003. A Preliminary Assessment' given on 29 September Tito Mboweni of the South African Reserve Bank said that over the past five years many challenges were faced head-on by the Bank…
Mboweni calls for central bank independence
Speaking on Saturday 4 October, the Governor of the South African Reserve Bank Tito Mboweni said "It is absolutely important that monetary policy and the power to create money are entrusted to central banks". According to Marketplace News, he said…
Mboweni calls for clarity on SARB's duties on rand
Tito Mboweni has called for the South African Reserve Bank's constitution to be changed so that the central bank's objectives can be clarified, according to a report by Business Day. Mboweni insisted that the bank's primary objective was to achieve price…
Tito Mboweni addresses threats to inflation target
South African Reserve Bank Governor Tito Mboweni said on Friday 26 September, according to Finance 24, that the SARB still had much to do to conquer inflation expectations in the country, which at between 8% and 9% were currently far higher than the…
SARB appoints Kruger as registrar of banks
Errol Kruger will replace Christo Wiese as registrar of banks in South Africa from 1 October, Dow Jones reports. As registrar, Kruger will be responsible for ensuring the soundness of banks and banking groups registered in South Africa.
Tips for Tito?
Following the recent to-do over South African Reserve Bank governor Tito Mboweni's swelling pay package, and the subsequent support he received from his opposite number in the finance ministry, Trevor Manuel, Mboweni might do well to take a leaf out of…
South African Reserve Bank - Annual Report 2003
The South African Reserve Bank has published its Annual Report for the year ended 2003. Developments and concerns about the growth prospects of major industrialised countries had a significant impact on South Africa's economic performance during the past…
Mboweni on Inflation targeting in South Africa
In a speech on 'Inflation targeting in South Africa' given on 2 September, Tito Mboweni of the South African Reserve Bank said whilst inflation targeting is certainly no panacea, the Reserve Bank still regards it as the most appropriate framework for…
Mboweni takes flak...
The admirable Tito Mboweni, governor of the South African Reserve Bank, is under bombardment as fellow countrymen splutter at his recent pay rise. Mboweni has been accused of double standards for accepting a pay rise of 9% this year and 12% last year …
...but aims high
But Mboweni has received political support - which is valuable since, some say, he has his eyes on the presidency when current president Thabo Mbeki's term ends in 2009 (Mboweni's current term ends in 2004).
SARB to hold special monetary policy meeting
The South African Reserve Bank announced on Friday 5 September that it will hold a special monetary policy committee meeting on September 10, according to the Mail and Guradian. A statement from the Reserve Bank said that "major underlying trends in the…
Tito Mboweni convenes MPC meeting on 10 September
Announcement by Mr TT Mboweni, Governor of the South African Reserve Bank, on the Special Monetary Policy Committee Meeting, 5 September.
SA Finance Minister on Mboweni's pay hike
South African Finance Minister Trevor Manuel has commented on central bank governor Tito Mboweni's 12% pay increase, according to Finance 24, saying that the matter could be taken up by the finance portfolio committee of the National Assembly.