Sarb takes action amid ‘extremely weak’ demand
Central bank revises down its forecasts as economic situation deteriorates
The South African Reserve Bank (Sarb) has cut its headline interest rate and lowered its growth forecasts amid a worsening economic outlook.
Governor Lesetja Kganyago told a press conference today (July 20) that underlying demand in the economy “is extremely weak”, adding that the monetary policy committee is “concerned” by the deterioration in the growth outlook. The Sarb has cut its growth forecast for 2017 from 1% to 0.5%, and the forecast for 2018 from 1.5% to 1.2%.
Investment remains
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