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SA appoints advisers to Marcus

JOHANNESBURG, SOUTH AFRICA Nov 27 2009 16:12

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South Africa has appointed two senior central bank officials as advisers to new Governor Gill Marcus with effect from December 1, the bank said on Friday.

The central bank said in a statement chief economist Monde Mnyande would be responsible for establishing an "outreach programme for the bank to interact with stakeholders across the broad spectrum of South African society".

Brian Kahn would be adviser responsible for economic developments.

Marcus assumed the position at the Reserve Bank on November 9, replacing Tito Mboweni.

Unions say the central bank under Mboweni failed to cut interest rates aggressively enough to help an economy that climbed out of recession in the third quarter of this year after three consecutive quarters of contraction as a global downturn took its toll.

The bank's monetary policy committee has cut rates by 500 basis points since December, unwinding increases effected between June 2006 and June 2008 to tame inflation.

But it has left rates unchanged at its last three meetings -- the last one chaired by Marcus for the first time -- on signs of economic recovery and worries that high power tariff rises will feed price pressures. -- Reuters

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Comments

It does not help to cut interst rates if store and secondary acquirers do not drop their interest rates. At this time these ar stiull charging 21% pluss

Hugh Robinson on November 27, 2009, 6:58 pm

@Robinson, apologies but the privately owned and publicly named Reserve Bank serves the interests of its shareholders. They have made fat profits with high spreads and "growth" is fine even though development lags and unemployment holds us back. But all is well, no need to change gear, as long as the banksters are fine, teh SARB is doing its job - eh? You're crazy if you think they care about anyone else. Only COSATU has identified (in political terms) as needing a new mandate to target development - but hey, we have had growth so why change. All you need to do get development is have a stable macroeconomic environment, add capital, stir and voila. This is what you need a doctorate for to understand banking and economics - no more. And we wonder why we are back to 1960s levels of production... hahaha...

bashar teg on November 28, 2009, 4:57 pm

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