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Moody's downgrades South Africa's credit rating to junk

Moody's Investors Service has downgraded South Africa's credit rating to subinvestment grade, as a recession deepened by the impact of coronavirus frustrates economic reform efforts aimed at reducing government debt. ... Full story

SA Reserve Bank cuts interest rates to 5.25%

Amid disruptions due to the Coronavirus (Covid-19) crisis, the South African Reserve Bank (SARB) has cut interest rates by 100 basis points, from 6.25% to 5.25%, Governor Lesetja Kganyago announced on Thursday.

Eskom’s power rationing bite into recession

South Africa’s power utility, Eskom Holdings, which has battled operational difficulties and requires regular financial support from the National Treasury — has been identified as a key threat to the economy.

SA in technical recession as fourth-quarter GDP Data disappoints

JOHANNESBURG – South Africa has officially entered a technical recession after Stats SA announced on Tuesday that the country's real gross domestic product had decreased by 1.4% in the fourth quarter of 2019.

Full text of SA's Budget Speech 2020

Read the full text of Finance Minister Tito Mboweni's national budget speech 2020-21, presented in the National Assembly, Cape Town on Wednesday.

2020 SA Budget Speech Highlights — by Minister Tito Mboweni

Cutting public-sector wages in a bid to appease rating agencies, Finance Minister Tito Mboweni on Wednesday delivered the R1.95 trillion 2020 Budget in Parliament Cape Town.

Good news for South Africans: Reserve Bank cuts Interest rates

South Africa's Reserve Bank on Thursday reduced interest rates from 6.5% to 6.25%., citing concerns about power blackouts, weak rand, and labor conflicts.

SA projects R53bn revenue collection shortfall

Tabling the 2019 medium-term budget policy statement (MTBPS), Finance Minister Tito Mboweni has projected a R53 billion revenue collection shortfall for the current financial year.

2019 Mid-Term Budget key Highlights — by Minister Tito Mboweni

Finance Minister Tito Mboweni on Wednesday delivered the 2019 mid-term budget statement as he faces a tough task of balancing government's books.

Reserve Bank slashes repo rate to 6.5%, bank loans may get cheaper

In a move that may lead to lower property finance, auto and other loans, the South African central bank reduced the lending rate by 25 basis points to 6.5 % per annum as of 19 July 2019.

Rand strengthens on Fed's chair remarks, Kganyago reappointment

The Rand firmed on Wednesday as the dollar weakened after U.S. Federal Reserve Chairman Jerome Powell highlighted risks to the U.S. economy in remarks that could bolster expectations of an interest rate cut later this month.

SA economy slows as growth dips to 3.2%

South Africa's real Gross Domestic Product (GDP) declined by 3.2% in the first quarter of 2019, Stats SA announced on Tuesday, showing a larger contraction than expected.

New Cabinet — The Last Gleam of Hope

President Cyril Ramaphosa on Wednesday announced the new Cabinet, a move that has been much anticipated by the South African property sector seeking growth in the country.

SA interest rates remain untouched at 6.75%

Reserve Bank Governor, Lesetja Kganyago, on Thursday left interest rates unchanged at 6.75 percent, saying inflation was expected to average 4.5 percent in 2019, down from 4.8 percent.

IMF lowers South Africa's economic growth forecasts

Citing policy and political uncertainty, the International Monetary Fund (IMF) on Tuesday lowered its forecast for South Africa's economic growth in 2019, from 1.5 percent to 1.3 percent.

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