The monetary policy committee cautioned last month that it may not allow growth in credit to go unchecked, inferring that it may be concerned that consumption expenditure could introduce an element of inflation sufficient to attract a monetary tightening response.
More Quotes from Colen Garrow:
What the bank is more likely to do (than cut rates) is intensify its moral suasion in support of a more competitive exchange rate.Colen Garrow
In short, more South Africans employed suggests more disposable income and more money being spent on retail goods.
Colen Garrow
In such instances, funds held offshore may potentially exceed the R750000 ceiling, which limits the amount of funds which may be taken offshore via the vehicle of private foreign currency accounts. The situation as it is, is thus inequitable and will have to be addressed by government at some stage.
Colen Garrow
While an environment in which the rand remains strong is always appropriate for something more creative, the National Treasury is unlikely to deviate from its consistent path of removing exchange controls gradually.
Colen Garrow
Interestingly, the forecast for December may be little changed from the previous month, around 3.7, bringing the average for 2005 to less than 4.0, a highly respectable figure.
Colen Garrow
Fiscal relief may be the ammunition necessary to drive consumption expenditure but with it not being accompanied by aggressive monetary relief, growth in household consumption expenditure is showing signs of consolidation.
Colen Garrow
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