New MPC Meeting Schedule

The information in this article is courtesy of iAfrica (Urgent MPC Meeting called – 18 March 2009)

Tito Mboweni, governor of the South African central bank, announced yesterday that the Monetary Policy Committee would meet on 23 and 24 March and then again on 29 and 30 April. These new dates are in line with market expectations and differ from the previously scheduled meeting of 15 and 16 April.

These new dates were probably set due to the deteriorating economic picture and job losses. More meetings will also follow in May and June, before a break in July.

According to Mboweni’s statement the MPC of the South Africa Reserve Bank will from now onwards meet on the new March and April dates as well as 27,28 May, 21,22 September, 16,17 November and 16,17 December. The fixed dates of 24 and 25 June stays as does the fixed date of 12 and 13 August and 21 and 22 October.

In the past, the MPC would meet every two months, so the new schedule is a clear indication of the need for urgent rate cuts. This also means that January and July the only month that will not see a meeting.

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