Reserve Bank's MPC sets new dates for meetings

Tuesday, November 17, 2009

Pretoria - The South African Reserve Bank's Monetary Policy Committee (MPC) has decided to revert back to holding bi-monthly meetings as of next year.

Delivering her maiden MPC decision on Tuesday, Reserve Bank Governor Gill Marcus, said that the MPC, which decides on the country's repo rate, would go back to holding meetings every second month with the first meeting scheduled for 25 and 26 January 2010.

The bank, under former Governor Tito Mboweni, announced earlier in the year that the MPC would be meeting monthly instead of bi-monthly to keep abreast of the ever changing economic climate.

The two-day meeting had also decided to cancel its scheduled December meeting.

Standard Bank senior economist Dr Johan Burger said the decision might have been based on the fact that the kind of volatility that had prevailed in 2009 seemed to have disappeared.

The committee dates for next year, on 24 and 25 March 2010, 12 and 13 May 2010, 21 and 22 July 2010 as well as 8 and 9 September 2010 and finally on 17 and 18 November 2010.

Marcus announced that the repo rate would remain unchanged at 7 percent yet again.