POSITIVE MPC ANNOUNCEMENT COMES AT A MUCH NEEDED TIME FOR CONSUMERS
The latest Monetary Policy Committee was held in the week, where it was decided to reduce the repurchase rate by 25 basis points to 6.75%. In its statement, the MPC said the central bank will not hesitate to revise the move if the need arises. It also expressed concern about the country’s inflation and growth outlook respectively and felt that a reduction was necessary. Click here to view the full MPC statement of 20 July 2017.
The repo rate reduction will leave the common household with that little bit more disposable income. Going into Tourism Month, we certainly hope this will translate into more local travel consumers considering, booking and taking a domestic holiday trip.