Africa
SARB to issue bi-metal R5 coin
The South African Reserve Bank (SARB) launched a bi-metal R5 coin on 27 July. The new R5 coin will be in circulation from Monday, 2 August 2004. The coin has a bronze-coloured centre and a silver-coloured border.
Mboweni on economic developments & monetary policy
In a speech on 'Economic developments and monetary policy' given on 22 July, Tito Mboweni of the South African Reserve Bank said that the bank still believes that an inflation-targeting monetary policy framework allows an independent central bank to…
SARB's Mboweni reappointed for new term
Tito Mboweni, the South African Reserve Bank governor, says he will aim for lower inflation during his next term in office. Mboweni's contract was renewed for a further five years by President Thabo Mbeki on Friday 23 July.
Mboweni discusses his future with Mbeki
South African Reserve Bank governor Tito Mboweni is currently in discussions regarding his future at the SARB, a government spokesman said. Mboweni's current contract is due to expire at the end of next month.
Bank of Central Africa to use CMA payment system
The Bank of Central Africa is implementing a real-time gross settlement (RTGS) platform supplied by Stockholm-based CMA Small Systems.
IMF chief Rato details Africa visit
International Monetary Fund managing director Rodrigo Rato will visit three African countries in August for talks on poverty reduction and other challenges on the continent.
SARB's Mboweni at the University of Pretoria
In a speech given on 8 July Tito Mboweni of the South African Reserve Bank emphasised that the bank has a vision of responsible and effective monetary policy formulation and continually strives to be an institution of excellence and innovation.
SARB's Marcus makes abrupt departure
Gill Marcus, deputy governor of the South African Reserve Bank, left her post on 30 June at the end of her five year contract, in a move local press reports described as unexpected.
S. African treasury and cb to co-ordinate policies
The South African treasury and the Reserve Bank have signed a memorandum of understanding to ensure there was no conflict between their different approaches to fiscal and monetary policies, Lesetja Kganyago, the new director-general of the treasury said…
African common currency 'will open up economies'
The introduction of the "ECO" as a common currency for Ghana, Sierra Leone, Nigeria, Guinea and The Gambia will open up the economies of member states to increase trade and commerce, according to Lanto Harding.
SARB removes apartheid's forex overhang
South African Reserve Bank governor Tito Mboweni said on Monday 1 March that the SARB last month closed out its oversold forward book to eliminate a structural overhang in the economy caused by apartheid.
IMF reports no exact cause to rand collapse
IMF economists have concluded that no clear answer existed for the rapid depreciation of the South African rand between September and December of 2001.
Sources of exchange rate fluctuations in S Africa
IMF Working Paper on the "Sources of Nominal Exchange Rate Fluctuations in South Africa" published December 2003.
SARB MPC cuts repo rate by 50 points to 8%
The South African Reserve Bank has cut interest rates to 8 per cent, reports Business day. This brought the total amount of rate cuts to 550 basis points since the first cut this year was announced on June 12.
Mboweni says price stability is SARB's aim
South African Reserve Bank governor Tito said on Monday 1 December that price stability remains the central bank's core objective, according to Finance 24. "Monetary policy will continue to focus on the objective of price stability" and the outlook for…
SARB increases dollar buying
The South African Reserve Bank said in a statement released on Friday 28 November that it increased its purchase of US dollars during November, Business Africa reports. SARB governor Tito Mboweni emphasised that these operations represented normal…
New Vice Governor at BEAC
The Bank of Central African States, the central bank for Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon has appointed Pacifique Issoibeka as its new Vice Governor. Issoibeka joined the BEAC in 1973.
IMF, EU back ECOWAS currency
Dr Michael Ojo, of the West African Monetary Institution (WAMI) told a press briefing at the weekend in Abuja that the IMF, European Union, ECB and the Bank of England are partners with WAMI in implementing the West African common currency.
SARB's inflation targeting made simpler
Changes have been made to the South African Reserve Bank's inflation target making the central bank's task easier, Governor of the SARB, Tito Mboweni said, reports Finance 24. In future it will target the year on year CPIX rate on a continuous basis,…
Mboweni sees bumpy road to African central bank
South African Reserve Bank governor Tito Mboweni has struck a cautious note on the idea of a single African currency, reports All Africa News. He pointed out in a recent speech that intra-continental trade was extremely disappointing, thereby making it…
SARB's Mboweni on African economic integration
In a speech on 'African economic integration' given on 9 October, Tito Mboweni of the South African Reserve Bank said that there is little doubt that there have been major changes in economic policy in many African countries in the recent past. Many of…
SARB cuts repo rate by 1.5%
With effect from Friday 17 October, reports Business Africa, the South African Reserve Bank will cut its main repo rate to 8.5 percent, Tito Mboweni said at the end of the two-day meeting by the SARB's Monetary Policy Committee on Thursday.
Mboweni against Africa's single currency proposal
SARB governor Tito Mboweni has said he is against the idea of the rand being adopted as Africa's single currency when the African Monetary Union is established, according to a report by SABC News. Mboweni said it would be much better to start afresh,…
Mboweni reviews the SARB and its activities
In the speech 'Review of the Central Bank and its Activities: 1998 - 2003. A Preliminary Assessment' given on 29 September Tito Mboweni of the South African Reserve Bank said that over the past five years many challenges were faced head-on by the Bank…