BER Comment
MPC cuts again, but vote split suggests bottom of rate cycle close
Last updated: May 21 2020 5:33PM
For the fourth time in 2020, the MPC reduced the repo policy interest rate, this time by 50bps.
Q&A on a phased approach to economic recovery
Last updated: Apr 24 2020 7:48AM
President Cyril Ramaphosa outlined the first steps towards slowly allowing selected (and risk-adjusted) economic activity to resume once the national lockdown ends on 30 April.
A fiscal lifeline as survey reveals the virus cost
Last updated: Apr 22 2020 7:40AM
President Cyril Ramaphosa announced a desperately needed fiscal package to support the economy during the COVID-19 crisis.
MPC cuts aggressively again after extraordinary meeting
Last updated: Apr 14 2020 3:02PM
In a much needed and unanimous move, the MPC reduced the repo policy interest rate by 100 basis points to 4.25% after an emergency interest rate meeting this weekend.
GDP locked up as historic decline looms
Last updated: Mar 25 2020 3:22PM
We currently see SA real GDP declining by a range of 2 to 4% in 2020, before recovering to post growth of 2.5 to 3% during 2021.
MPC joins coordinated global push to lower policy rates with an aggressive (and much needed) cut
Last updated: Mar 19 2020 7:48PM
In a responsive move that recognises the dramatic recent deterioration in the global and SA GDP outlook, the MPC reduced the repo policy interest rate by 100bps to 5.25%.
The Corona Crisis: A strong monetary policy response is required
Last updated: Mar 18 2020 12:52PM
While the growth-enhancing impact of monetary policy stimulus may be limited until the supply shocks related to the Covid-19 outbreak fades, it is likely to be key in tempering the wave of bankruptcies that can ensue over the short term.
read moreWhile the growth-enhancing impact of monetary policy stimulus may be limited until the supply shocks related to the Covid-19 outbreak fades, it is likely to be key in tempering the wave of bankruptcies that can ensue over the short term.
2020Q1 Business survey main results and implications at a glance
Last updated: Mar 13 2020 9:36AM
The survey results are consistent with a further year-on-year contraction in GDP during the first half of 2020. The fact that the current survey only captured the initial impacts of global demand and supply disruptions due to the COVID-19 outbreak highlights
read moreThe survey results are consistent with a further year-on-year contraction in GDP during the first half of 2020. The fact that the current survey only captured the initial impacts of global demand and supply disruptions due to the COVID-19 outbreak highlights the further downside risks the global pandemic hold for an already ailing economy. The hit to the global economy increases daily and local disruptions have yet to strike fully.
GDP contracts again in Q4, making it three out of four for 2019
Last updated: Mar 3 2020 1:59PM
Real GDP suffered a second consecutive quarter of decline in 2019Q4, pushing the SA economy into another technical recession.
Credibility on the line as (non-negotiated) wage bill reductions fail to stabilise debt levels
Last updated: Feb 26 2020 10:46PM
The 2020 budget took some important steps to cap the rise in government debt. However, the stark reality is that even if these proposals are fully implemented, the debt profile outlined in the budget is even (slightly) worse than the dire outlook presented in
read moreThe 2020 budget took some important steps to cap the rise in government debt. However, the stark reality is that even if these proposals are fully implemented, the debt profile outlined in the budget is even (slightly) worse than the dire outlook presented in the MTBPS.