The finance minister has stressed the need to keep the economy going amid coronavirus fears
Finance minister Tito Mboweni gave his assurances on Monday that he was in conversation with the SA Reserve Bank over how to respond to the economic effects of the coronavirus, and pleaded for an end to the pressure on the central bank to slash interest rates in response to the disease.
Mboweni was speaking at a media conference, alongside a number of other ministers, outlining SA’s efforts to deal with the spread of the virus. On Sunday evening President Cyril Ramaphosa declared a national disaster in response to the pandemic which began in Wuhan, China.Ramaphosa announced a series of measures including the closure of schools, travel bans for people from high risk countries and the prohibition of mass gatherings of more than 100 people.
The Bank said on Monday that Thursday's media briefing would “take place virtually”, with reporters dialling in. A live-feed of the briefing would also be available online. Other central banks around the world have taken similar steps in recent weeks, in an attempt to ameliorate the economic affect of the virus, which has disrupted global supply chains and is expected to see global growth slow down dramatically in 2020.
This is despite the sell off of the rand that has followed in the wake of the Covid-19 panic. The currency has fallen 18.8% against the dollar this year. Instead he stressed the need to keep the economy going to avoid a slide into a “prolonged recession”.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LUKANYO MNYANDA: Reserve Bank must get messaging rightThe governor faces a tricky decision as other countries cut interest rates amid the coronavirus crisis
Read more »
ECONOMIC WEEK AHEAD: Reserve Bank weighs rates move amid Covid-19 concernThough it comes after a series of other data releases this week the Reserve Bank’s decision will be crucial as SA grapples with the coronavirus shock
Read more »
Calls for Reserve Bank to cut interest rates amid COVID-19 pandemic - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.%Pressure is mounting on the South African Reserve Bank to cut interest rates as the impact of the coronavirus chokes economic activity.%
Read more »
LUKANYO MNYANDA: Reserve Bank must get messaging rightThe governor faces a tricky decision as other countries cut interest rates amid the coronavirus crisis
Read more »
ECONOMIC WEEK AHEAD: Reserve Bank weighs rates move amid Covid-19 concernThough it comes after a series of other data releases this week the Reserve Bank’s decision will be crucial as SA grapples with the coronavirus shock
Read more »
Calls for Reserve Bank to cut interest rates amid COVID-19 pandemic - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.%Pressure is mounting on the South African Reserve Bank to cut interest rates as the impact of the coronavirus chokes economic activity.%
Read more »