CD South Africa: Kganyago to the rescue!

Currencies Direct January 30th 2015 - < 1 minute read

Interest rates are set to go nowhere slowly this year as South African Reserve Bank Governor Lesetja Kganyago kept the interest rate at 5.75%. The Governor outlined the SARB's view that the bar for further rate cuts remains high, pointing out that any cut would require a substantial decrease in the inflation rate. The news was enough to send the rand racing below the 11.55/$ level, nearly 1.5% stronger! The local unit is not out of the woods just yet, with South Africa's Trade Balance being released at 14:00 today. So if you have any foreign payments to make or are looking to transfer funds abroad; it might be a good idea to take advantage of this morning's rates. Have a great weekend folks!

Commentary by Gareth Frye

Written by
Currencies Direct

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