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Global ratings agency Moody’s Investor Services, left South Africa’s international long-term credit rating unchanged at Baa3 on Friday night. Moody’s also changed the ratings outlook from negative to stable, ending the review for downgrade that started in November 2017.
CPI declined to 4.0% year-on-year in February compared to 4.4% in January. This is the lowest level for more than two years. Month-on-month from January to February, CPI increased by 0.8%.
The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) meets on 26 - 28 March 2018 to deliberate an interest rate stance that anchors inflation to the middle of the 3 - 6% target rate. To gauge the risks to the inflation outlook, the MPC will consider the plethora of local and international economic trends that has emerged since its last interest rate decision in January.
While there were a lot of areas which caused concern for consumers in the 2018 budget, it seemed as if government was backed into a corner and that former Finance Minister Malusi Gigaba had little choice but to make the tough decisions that will hopefully grow the economy.
If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?