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South Africa faces upside risk to inflation, financial conditions, central bank governor says

South Africa faces upside risk to inflation, financial conditions, central bank governor says

SOUTH Africa faces upside risks to its inflation outlook, Central Bank Governor Lesetja Kganyago said, but the latest data has not shown evidence of price pressures from food despite adverse El Nino weather wreaking havoc across Africa. Data out on Wednesday had shown headline inflation fell to 5.3% year-on-year, down from 5.6% in February and coming in a touch below analyst expectations. In its March decision, the South African Reserve Bank (SARB) said headline inflation was expected to reach 4.5% - the midpoint of its target range - only at the end of 2025, later than previously forecast. "There are upside risks to the…
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South African policymakers in talks on lowering inflation target

South African policymakers in talks on lowering inflation target

SOUTH African policymakers are in discussions on lowering the central bank's inflation target, its governor said, adding that a lower target would make the country more competitive and bring the central bank in line with peers. Lesetja Kganyago told Reuters he personally preferred a decision that would lower the target from its current range of between 3% and 6% "before we get to 2025", but that teams from the South African Reserve Bank (SARB) and National Treasury were still identifying the appropriate range and risks associated with it. "Our teams are in conversation now," Kganyago said in an interview. "The…
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South African president extends central bank governor’s term, appoints new deputy

South African president extends central bank governor’s term, appoints new deputy

SOUTH African President Cyril Ramaphosa has extended the term of central bank governor Lesetja Kganyago for another five years from November and appointed Mampho Modise as a new deputy governor of the bank, the presidency said on Friday. "The re-appointment of Governor Kganyago will ensure continuity and institutional stability at the reserve bank," the presidency said in a statement. Kganyago's term was extended to 2029, which will make him one of the longest-serving governors in democratic South Africa. He was first appointed in 2014. Modise, who is currently a deputy director-general in the National Treasury, will start her role on…
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