Statement of the Monetary Policy Committee May 2013

The South African Reserve Bank published the following statement on 2013-05-23

"The South African economy is facing a number of domestic challenges while headwinds from the fragile and uneven global recovery remain a constraint to growth. The uncertain and increasingly difficult labour relations environment continues to dominate the economic landscape, contributing to declining domestic and foreign investor confidence. The growing vulnerability of the economy to changes in sentiment has been reflected in the depreciating and volatile exchange rate, which was already under pressure from the widening deficit on the current account of the balance of payments. Although inflation is forecast to remain relatively contained, these factors have raised the upside risks to the outlook at a time of worsening real growth prospects."

The resulting conclusion of the statement is that The MPC has anounced that they are to leave the repurchase rate unchanged at 5 per cent per annum.

South African Reserve Bank publications.