Interest rates cut 100bps

[dlk001]

Thank you!

Reserve Bank Governor Tito Mboweni cut interest rates by 100bps after giving the following reasons for doing so:

* Inflation remains sticky, it is expected to continue on its downward path.
* Food prices remain largest contributor to inflation outlook.
* Inflation to average 5.4% in Q4 2010.
* Inflation expected to average 8% in 2010.
* Rand deprecation may reduce inflation outlook.
* Outlook for SA growth subdued.
* Outlook for manufacturing remains negative.

The cut was in line with economists forecasts.

http://www.moneyweb.co.za/mw/view/mw/en/page87?oid=288414&sn=Detail

 

[gregmcc]

Woo hoo!!!

 

[semiautomatix]

Hmmmm... the Rand appears to have got stronger after the news.

A bit predictable, NUMSA are going to get their knickers in a not, but all in all good news.

 

[sox63]

Extra beer next month.

 

[undesign]

Extra CASE OF beer next month.

fixed

 

[Moederloos]

too late for this months bond payment :-[

 

[rph72]

Looking forward to next month's bond repayment :-]

 

[Vice]

Looking forward to 1% interest rate like Americans

 

[Kosmik]

Looking forward to 1% interest rate like Americans

I think a lot of people would lose jobs if it was that low. In the lending industry I mean.

 

[killadoob]

Looking forward to 1% interest rate like Americans

Hmmm the only reason our banks have not gone to the wall like the american banks is because they rip us off funnily enough. No bail from our government for banks because they make so much money so our tax money can now be spent on anc parties and not bailing out banks

 

[davemc]

I wonder how Capitec Bank is enjoying this news.

 

[sand_man]

Good news indeed. The best way to stimulate a flagging economy is to drop interest rates... Thanks Tito and co...

 

[milomak]

Hmmm the only reason our banks have not gone to the wall like the american banks is because they rip us off funnily enough. No bail from our government for banks because they make so much money so our tax money can now be spent on anc parties and not bailing out banks

You’ll probably find the fact that they had no subprime assets on their books and thus didn’t have to write down large amounts in capital is the more correct reason.

 

[Farquaon]

Hmmm the only reason our banks have not gone to the wall like the american banks is because they rip us off funnily enough. No bail from our government for banks because they make so much money so our tax money can now be spent on anc parties and not bailing out banks

4.435% with an excellent score, all the way down to about 6% on a poor credit score.

www.myfico.com

 

[hyperian]

ah balls. It's crap if you are trying to save money. Absa's Investment Advantage will only give you 8% PA now