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SARB: Central Bank To Release Monetary Policy Review Shortly

SARB
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The South African Reserve Bank (SARB) is due to release its biannual Monetary Policy Review (MPR) at the top of the hour (15:00BST/16:00SAST) as the Monetary Policy Forum gets underway. The document will be discussed by Governor Lesetja Kganyago and members of the Monetary Policy Committee (MPC), with a live stream available on the SARB's YouTube and Facebook pages.

  • In the previous MPR released in April, the SARB said that various "setbacks suggest that the path back to the +4.5% [Y/Y inflation] midpoint of the target band is likely to be bumpy and protracted." It further warned tat the "slower pace of disinflation reflects a range of issues, including normalising services components and elevated inflation expectations."
  • The central bank has turned somewhat more optimistic on the inflation front since then, kicking off its easing cycle in September. In addition, Governor Kganyago recently told lawmakers that the next two or three inflation prints "could have a three handle on them and that provides policy space for us."
  • The SARB notes tha the MPR is normally "presented by senior officials of the SARB at Monetary Policy Forum meetings held at major centres across South Africa in an effort to develop a better understanding of monetary policy through direct interactions with stakeholders."
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The South African Reserve Bank (SARB) is due to release its biannual Monetary Policy Review (MPR) at the top of the hour (15:00BST/16:00SAST) as the Monetary Policy Forum gets underway. The document will be discussed by Governor Lesetja Kganyago and members of the Monetary Policy Committee (MPC), with a live stream available on the SARB's YouTube and Facebook pages.

  • In the previous MPR released in April, the SARB said that various "setbacks suggest that the path back to the +4.5% [Y/Y inflation] midpoint of the target band is likely to be bumpy and protracted." It further warned tat the "slower pace of disinflation reflects a range of issues, including normalising services components and elevated inflation expectations."
  • The central bank has turned somewhat more optimistic on the inflation front since then, kicking off its easing cycle in September. In addition, Governor Kganyago recently told lawmakers that the next two or three inflation prints "could have a three handle on them and that provides policy space for us."
  • The SARB notes tha the MPR is normally "presented by senior officials of the SARB at Monetary Policy Forum meetings held at major centres across South Africa in an effort to develop a better understanding of monetary policy through direct interactions with stakeholders."