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South Africa's Gordhan talks up economy

Tuesday, April 09, 2013 - 01:28

April 9 - Finance Minister Pravin Gordhan says South Africa's central bank has done well to balance economic growth and the need to create jobs in its policy decisions. Nigel Stevenson reports.

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South Africa's Finance Minister was in buoyant mood when he sat down to talk to Reuters. Pravin Gordhan says the central bank has done well to balance the continent's largest economy. (SOUNDBITE) (English) FINANCE MINISTER PRAVIN GORDHAN, SAYING: "They have done fairly well to take the economic growth and employment situation into account, we do have the lowest interest rates we've ever had for what, thirty years or something at this point in time and ultimately given all the external and South African factors they will have to apply their minds and see how best to manage monetary policy you can see around the world that there is a lot of, lets call it unconventional actions that have been taken which a little while ago orthodoxy would have look down upon" South Africa's recovery from recession in 2009 has been slow. Foreign portfolio flows into local bonds have helped plug a current account deficit of more than 6 percent of gross domestic product. (SOUNDBITE) (English) FINANCE MINISTER PRAVIN GORDHAN, SAYING: "There is no immediate danger as we see it to those flows, and at the same time we are working harder at a global level to ensure that any retreat from quantitative easing managed in a way in which it doesn't send another round of shockwaves through the global system" The Reserve Bank left the repo rate at a historic low of 5 percent last month. It's expected to stay on hold through 2013.

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South Africa's Gordhan talks up economy

Tuesday, April 09, 2013 - 01:28