The Reserve Bank’s Monetary Policy Committee (MPC) has again left the repo rate unchanged at its lowest level since it was introduced in 1998 – a unanimous decision by all of the committee’s five members.
The Reserve Bank’s governor, Lesetja Kganyago, announced the decision on Thursday, 20 May 2021, to keep the repo rate at 3.5%, where it has been since July 2020. This is the third time in 2021 that the majority of MPC members voted to keep the repo rate unchanged at its bimonthly rates deliberation meeting.
Kganyago believes the bank’s monetary policy is still “accommodative” and that “there was no need to adjust policy at the meeting” as South Africa’s weak economy “could do with support”.
Coronavirus: South Africa s social divide and economic woes exposed
The pandemic has unearthed South Africa s stark social and economic differences between rich and poor. Experts say the crisis has worsened the country s ailing economy, as the government flounders to find a solution.
South Africa s economy has taken a hit during the COVID-19 pandemic, leaving the majority of the country s population frustrated as the future looks increasingly uncertain.
With the official tally at over 50,000, South Africa has recorded more coronavirus cases than any other country in sub-Saharan Africa. The number of deaths has now surpassed 1,000. The situation is unfolding and it s very problematic because the worst is still to come, DW correspondent Adrian Kriesch said from Cape Town, the worst-hit region in South Africa.
The Thabo Mbeki Foundation (TMF) and Pan-African Investment and Research Services (PAIRS) are joining forces to launch a new national partnership to combat illicit financial flows in South Africa and the rest of the continent.
Dr. Iraj Abedian. Photo: Elvira Wood
Economist Dr Iraj Abedian has proposed that companies that were caught up in or helped enable state capture pay reparations for economic damage to South Africa.
Abedian says the practice of companies volunteering to pay back money without additional oversight is cause for concern, and their contracts should be inspected by an independent panel.
US consultancy McKinsey this week announced that it would pay back the R650 million in fees it earned from Transnet and SAA from working alongside Gupta-linked firm Regiments, saying it had decided to repay contracts that may even indirectly have been related to state capture.
I understand poverty and underdevelopment along with the challenges of it
13 December 2020 10:39 AM
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Author, Founder and Chief Executive of Pan-African Investment and Research Services Dr. Iraj Abedian shares his life story and his latest book.
Author, Founder and Chief Executive of Pan-African Investment and Research Services Dr. Iraj Abedian shared insights on his latest book FutureNEXT: Reimagining Our World and Conquering Uncertainty , his life story leading up to a career in economics, and his thoughts on the South African government s Covid-19 economic recovery plan.
Abedian was born in the central North of Iran to what he describes as a poor upbringing, he later in his life came to South Africa as a student due to the fascination with the countryâs history and wanting to be involved in promoting racial harmony across the country.