The SARB MPC makes decisions about the Repo Rate and this influences how much everyone pays (or gains) on their credit.
When they decide rates must go up, then the banks all push their rates up and consumers pay more for existing debt and when they decide rates can come down it can provide much needed relief for those paying off big debts.
Vacancies in key positions, especially the Deputy Governor role, have everyone in a bit of a spin. Government agencies seem to be at odds over potential candidates, adding another layer of complexity to the decision about who gets the job. Basically, some agencies want their candidates on board to promote their views on financial (monetary) policy.
Among the main contenders for the post are Mampho Modise, head of the public finance division at the Treasury, and Unathi Kamlana, the commissioner of the Financial Sector Conduct Authority (FSCA).
‘Among the main contenders for the post are Mampho Modise, …and Unathi Kamlana’
The differing opinions on these candidates and who would be best for the job (and the views they hold) reflect broader disagreements about the overall future direction of SA’s monetary policy.
And, talks of expanding the committee by adding another member (which would help when there are deadlocked votes) are underway, indicating significant shifts coming.