MPC Statement July 2020.pdf

MPC-statement-July-2020-1.pdf
Preview of MPC statement July 2020
🔗 Source: goldbergdevilliers.co.za
📊 Size: 558 KB
👤 Author: Microsoft Office User
⬇️ Downloads: 28

Summary

The South African Reserve Bank's Monetary Policy Committee (MPC) cut the repo rate by 25 basis points to 3.50% per annum, effective July 24, 2020, in response to the COVID-19 pandemic's economic impacts. The committee expects GDP to contract by 7.3% in 2020, with a gradual recovery in 2021 and 2022. Inflation is forecast to average 3.4% in 2020, 4.3% in 2021, and 4.3% in 2022, with balanced risks to the inflation outlook. The MPC's decision aims to ease financial conditions and support households and firms, but notes that monetary policy alone cannot improve the economy's potential growth rate or reduce fiscal risks.

Description

The South African Reserve Bank's Monetary Policy Committee (MPC) cut the repo rate by 25 basis points to 3.50% per annum, effective July 24, 2020, in response...

Technical Information

  • File Format: PDF
  • File Size: 558 KB
  • Pages: 6
  • Language: EN
  • Author: Microsoft Office User
  • Total Downloads: 28
  • Last Updated: 2 months ago

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