South Africa Set to Hold Key Rate at 15-Year High, Delay Cuts: Day Guide [BNN Bloomberg (Canada)]
FIRSTRAND LTD UNSP/ADR (FANDY)
NASDAQ:AMEX Investor Relations:
firstrand.co.za/investorcentre
Company Research
Source: BNN Bloomberg
Economists surveyed by Bloomberg expect Governor Lesetja Kganyago's five-panel monetary policy committee to show its resolve in fighting price pressures by leaving the benchmark rate at a 15-year-high of 8.25%. Traders concur. Forward-rate agreements are pricing in no chance of a rate cut until November. The decision, expected shortly after 3 p.m. Wednesday Johannesburg time, is likely to be unanimous, according to economists polled in a separate survey. South Africa's annual inflation rate climbed to a four-month high of 5.6% last month, moving further above the midpoint of the central bank's 3% to 6% target band where it prefers to anchor expectations. Kganyago has repeatedly said that until inflation retreats to 4.5% in a sustainable manner and settles there, the central bank will be unwilling to adjust its policy stance. He is likely to do so again, said Koketso Mano, FirstRand Ltd.'s First National Bank senior economist. “We think they'll continue to take a cautious appr
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