Business In The News South Africa

PIC pursuing criminal charges against directors seconded to VBS

PARLIAMENT,  December 7 – The board of the Public Investment Corporation (PIC) has directed that criminal charges be brought against two former directors who were seconded to VBS Mutual Bank but failed to report any suspicious transactions, acting chief executive officer Matshepa More said on Thursday. More told Parliament’s watchdog the Standing Committee on Public […]

Business In The News South Africa

SA reserve bank raises benchmark repo rate to 6.75 percent

JOHANNESBURG, November 22  – South Africa’s central bank on Thursday raised the benchmark repo rate by 25 basis points to 6.75 percent despite weak economic growth, saying it assessed the risks to the longer-term inflation outlook to be on the upside. “The Committee continues to assess the stance of monetary policy to be accommodative,” Governor Lesetja […]

Business In The News South Africa

#MTBPS2018: Hands off SA reserve bank, says Mboweni

PARLIAMENT, October 24 – Finance Minister Tito Mboweni on Wednesday pleaded with detractors to stop attacking the independence of the SA Reserve Bank (Sarb). During his maiden medium-term budget policy statement (MTBPS) in Parliament on Wednesday, Mboweni reiterated section 224 (2) of the South African Constitution which guaranteed the independence of the central bank, and […]