Slight improvement in transaction volumes alongside mortgage advances.

A few months on from the May general election, a somber mood is once again settling in in the country, and one senses that there is a feeling that structural policy reforms that had been hoped for under a new presidency are not easily going to be forthcoming.

4th Quarter 2018 SARB New Mortgage Lending data, released in the March SARB Quarterly Bulletin, showed a further year-on-year decline in the Value of New Mortgage Loans Granted, but it was a decline of a lesser magnitude than that of the prior quarter.

In the week ahead, the South African Reserve Bank (SARB) Monetary Policy Committee (MPC) will meet to deliberate on interest rates from the 26-28 March, and FNB expects it to leave its policy Repo Rate unchanged at 6.75%.

Today’s October CPI (Consumer Price Index) showed a slight acceleration in its year-on-year inflation rate, from 4.9% in the previous month to 5.1%.

Friday, 23 November 2018 03:33

SARB hikes repo rate by 25 basis points

The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) has increased the repurchase rate (repo) by 25 basis points, effective 23 November, Governor Lesetja Kganyago announced on Thursday. 

Thursday, 19 July 2018 18:59

Repo rate unchanged at 6.5%

The Monetary Policy Committee (MPC) has unanimously decided to keep the repurchase rate unchanged at 6.5% per annum.

Our Firstrand expectation is for a 25 basis point interest rate cut in the SARB’s Repo Rate, when its Monetary Policy Committee (MPC) meeting concludes on Wednesday. Should this happen, it would lower the Repo Rate to 6.5%, and the Prime Lending Rate of banks to 10%.

In January 2018, the FNB House Price Index showed a slowing in year-on-year growth compared with the revised December 2017 rate. This comes after some prior months of accelerating year-on-year growth.

“It was a stable start to the New Year with the Reserve Bank today announcing no change in the repo rate at the conclusion of its Monetary Policy Committee meeting, as forecast by various market commentators,” says Dr Andrew Golding, CEO of the Pam Golding Property group.

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