Wednesday, April 29, 2009

Another interest rate cut expected tomorrow

By Mikhaila Crowie
29 April 2009

With the Reserve Bank’s Monetary Policy Committee starting their two-day meeting today, economists are predicting a 100 basis point cut in the repo rate tomorrow.

Economist say the same cut as last month is expected as the economy is still very much under pressure.

Some economists are even predicting a 150 basis point cut, but the consensus is for 100 basis points.

Last month’s cut was the third since the beginning of the year.

Meanwhile, steel giant ArcelorMittal South Africa has reported a headline loss of 237-million-rands for the first quarter of this year.

This compares with a one-point-one-billion-rands profit for the fourth quarter of last year.

Chief executive officer Nku Nyembezi-Heita says economic conditions had a significant negative impact on sales and income.

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