South African central bank governor's comments on rate decision
Adds decision section, paragraphs 2-4
PRETORIA, Sept 19 (Reuters) -Below are some quotes from South African Reserve Bank Governor Lesetja Kganyago at a news conference to announce the central bank's latest interest rate decision.
DECISION
"The MPC (Monetary Policy Committee) decided to reduce the policy rate by 25 basis points, to 8% per annum."
"In discussing the stance, MPC members considered an unchanged stance, a 25-basis point cut, and a 50-basis point cut. The MPC ultimately reached consensus on 25 basis points, agreeing that a less restrictive stance was consistent with sustainably lower inflation over the medium term."
"The forecast sees rates moving towards neutral next year, stabilising slightly above 7%."
INFLATION
"Headline eased to 4.4% in August, a 3-year low, and close to the middle of our target range. Our forecast suggests this progress will be sustained, with inflation contained below the 4.5% midpoint of our range through to the end of the forecast horizon, in 2026."
"In the near term, we continue to see a dip in headline inflation, supported by the stronger exchange rate and lower oil prices."
"Lower headline inflation also reflects a better food price outlook, with inflation for this category below the midpoint through 2025 and 2026. However, these benefits are partly offset by higher electricity prices, with an expected inflation rate more than double that of headline."
"For core inflation, we expect the trajectory to be slightly below 4.5% over the medium term. Again, this is primarily due to the exchange rate, which affects core mainly through import prices."
"The risks to inflation are assessed as balanced."
ECONOMIC GROWTH
"Output was marginally below our expectations for the first half of the year. We expect improvements in the second half, with growth of 0.6% in both quarters."
"This reflects rising confidence, in part due to a stable electricity supply. We also expect extra spending given withdrawals from the new Two-Pot retirement system, although some of these funds will be absorbed by debt repayments and tax."
"For the medium term, our growth projections have once again edged higher. The upgraded forecast is premised on better-functioning network industries, especially electricity, alongside broader reform momentum."
"A particular concern is investment, which has been contracting for four consecutive quarters. A stronger investment performance is a pre-requisite for sustained higher growth, and although we continue to expect an investment recovery, its scale and speed will be a key indicator of South Africa's longer-run economic prospects."
"The risks to the growth outlook are assessed as balanced."
(Compiled by Alexander Winning)
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