The election is over. The government is moving on. The global economy is still in a crisis. Our economy is still taking a beating. Will the Reserve Bank change its policies in the face of all this? The answer seems to be no. So what can you do to make sure that you stay in financial shape?
- Plan a budget and stick to it
- Compare interest rates on your savings accounts
- Don't Panic!
iAfrica tells us that Mboweni and Manuel are not seeing eye to eye on what to do about the financial crisis. Manuel has been rather more up beat, now that he has been re-elected this may change. Fin24 however tells us that the South African Reserve Bank intends to continue to implement the policies of the new government but does not expect any major changes to that policy. The policy of inflation targeting has been followed for the last few years. That means that interest rate cuts may be coming.
The Mail and Guardian tells us that the Reserve Bank is expected to continue with the policy of aggressive inflation targeting and that the MPC is likely to meet every month except July this year. This is fuelling expectations that there are further rate cuts ahead of us this year. So while you wait for the economy to improve or your home loan to get cheaper to service you can get some debt consolidation and keep plugging away at that budget to help you pay your way through the rest of the year, but most importantly Don't Panic!
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