JOHANNESBURG — The South African Reserve Bank will not hesitate to take timely action to ensure “second round” inflation does not bed down in the economy, Deputy Governor Daniel Mminele said on Friday.
Mminele also said the domestic inflation outlook had deterioriated in the last couple of months but said the recent decline in oil prices and the appreciation of the rand currency had to some extent alleviated price pressures.
The Reserve Bank’s Monetary Policy Committee has left its repo rate unchanged at 5,5 % at its three policy meetings this year, after slashing them by 650 basis points between December 2008 and December 2010 to help the struggling economy. — Reuters
