South Africa
South African paper models international spillovers
Study finds South Africa is a ‘net receiver’ of spillovers from other economies; suggests this is likely to persist as business cycle synchronisation has increased
African growth could be ‘derailed’ by geopolitical tensions
South African Reserve Bank fears terrorism in continent’s key growth economies and heightened risk of social unrest could harm Africa’s growth prospects; also concerned by domestic unemployment
IMF and Sarb push for stronger systemic supervision in Africa
Joint effort to highlight importance of macro-prudential approach in addition to scrutiny of individual institutions; IMF pushing for tighter supervision
South Africa governor outlines ‘upside' inflation risks
Sarb governor expects inflation to breach target range but immediately return; explains decision to hold rates
FSB endorses South African reform efforts
First peer review under new guidelines praises South African plans for ‘twin peaks’ regulators and tighter OTC derivatives rules; implementation still presents obstacles
South Africa moves toward UK-style ‘twin peaks’ regulators
Sarb issues consultative document on introduction of prudential and conduct regulators similar to plans in the UK; IMF study encounters problems in testing efficacy of macro-prudential policy
Sarb hires head of new international relations department
Legal professor Daniel Bradlow will lead a new department at South African Reserve Bank designed to co-ordinate and direct its participation in international forums
Sarb deputy says domestic woes are impacting growth
South African Reserve Bank deputy governor says domestic issues, including labour strikes, are dictating price and exchange rate concerns; growth rate likely to need downward revision
South African governor seeks non-monetary integration
Gill Marcus talks about the importance of regional integration but believes this should not be pursued through monetary arrangements
Sarb paper establishes new inflation measure
South African Reserve Bank research reveals alternative measure of core inflation; designed to remove elements of ‘noise’
Sarb creates new position to streamline support services
South African Reserve Bank announces appointment of a chief operating officer; from November 1 Pradeep Maharaj will be responsible for all support services at the central bank
Sarb reveals details of new banknotes
South African Reserve Bank initiates national campaign about introduction of new banknotes; currency bearing image of Nelson Mandela will be in circulation by end of year
Sarb chief economist announces early retirement
Monde Mnyande leaves South African Reserve Bank after 17 years of service; served on MPC and Financial Stability Committee
Impending drop in economic growth, warns South African research
South African Reserve Bank working paper uses new model to analyse financial conditions; finds conditions have declined and threaten GDP growth
South African paper assesses micro data and policy responses
Sarb working paper explores pricing conduct at a micro-data-set level and how this affects monetary policy; finds results diverge from Bayesian estimation techniques
Sarb annual report notes ‘pedestrian’ growth days after rate cut
Annual economic report shows South African output ‘losing some momentum’ in 2012; follows 50bp rate cut by central bank
Sarb reveals new non-executive director
Firoz Cachalia is appointed as a non-executive director to the board of the South African Reserve Bank; takes up new position on July 16
Brazil and South Africa agree supervisory co-operation
Central Bank of Brazil and South African Reserve Bank sign MoU to promote banking supervision; clears the way for domestic banks to build businesses in both markets
Sarb makes $60m loss due to costs of forex intervention
South African Reserve Bank suffers loss in fiscal year 2011/12 due to cost of forex activities; governor describes economic challenges in coming year as ‘daunting’
Sarb launches Ponzi scheme awareness campaign
Central bank warns public of Ponzi scheme risks; says it investigates a number of illegal operations each year
Sarb governor discusses response to economic risks
Gill Marcus examines economic risks facing South African economy; says employment target should not be included in bank’s mandate
South African Mint executives leave company for good
Andile Mvinjelwa and Thomas Davel leave South African Mint Company by mutual agreement following conclusion of investigation into poor-quality krugerrand coins
Sarb publishes Monetary Policy Review
South African Reserve Bank Monetary Policy Review notes continuing global uncertainty; central bank decides to maintain repurchase rate of 5.5%
IMF paper assesses welfare effects of monetary integration
Paper considers welfare effect of monetary union in Africa; finds significant benefits due to policy credibility and macroeconomic stability