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Article: New era at Reserve Bank begins amid challenges; zz Marcus steps up as debate over inflation targeting rages.(Business Report)
- Article from:
- The Star (South Africa)
- Article date:
- November 9, 2009
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BYLINE: Ethel Hazelhurst
A new era starts at South Africa's central bank today as Gill Marcus succeeds former governor Tito Mboweni.
A deputy governor between 1999 and 2004, she will chair her first meeting of the Reserve Bank's monetary policy committee on Monday and Tuesday of next week.
The bank's repo rate, which was hiked from 7 percent to 12 percent between June 2006 and June last year, has been cut by the same amount since December. Most economists expect no further rate cut but trade union federation Cosatu told a joint meeting of parliamentary finance committees earlier this month it wanted the repo rate cut to 3 percent.
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