Tito Mboweni
30 Nov 2006 |
"We have been living in a relatively subdued inflation environment... Inflation remains well within the inflation target...The pressures that we are seeing from oil and other factors will probably be well-contained if the central bank takes the necessary actions." Tito Mboweni (IOL) |
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14 Nov 2006 |
"If the inflation target is being threatened by inflationary pressures, then the MPC will have the courage of its conviction to do the correct thing, even as we enter the festive period. Once again, our message is that we should all try to tighten our belts." Tito Mboweni |
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2 Nov 2006 |
"We are often asked if we follow the world interest rate cycle. There is not a simple interest rate cycle. Interest rates in the United States, the United Kingdom and the euro area have not followed exactly the same path. We do not and cannot slavishly follow international interest rate developments. The fact that we have adjusted our monetary policy stance recently is not in response to interest rate developments abroad. Our interest rate decisions are determined by the domestic inflation outlook. Of course, this outlook in turn may be affected in some instances by the same factors that may cause monetary policies to be tightened in general, but this is not necessarily the case," Tito Mboweni speaking at a business breakfast organised by the University of Kwa-Zulu/Natal'sGraduate School of Business. |
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"Dear All, please note the following from Mr Mboweni's office: 1. You may take photos of Mr Mboweni at the podium only. 2. Do not take photos of Mr Mboweni eating, meeting people and group photos. 3. Do not approach Mr Mboweni for interviews. You may report based on what is said at the breakfast. Please follow these directives to avoid any embarrassment." Instructions accompanying an invitation to a Tito Mboweni event (the Mercury) |
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Tito Mboweni |
"If sustained, the recent decline in oil prices augurs well for inflationary developments going forward. Nevertheless, given the underlying market conditions and vulnerability of oil prices to geopolitical tensions, these lower prices cannot be taken for granted and oil prices continue to pose an upside risk to our inflation outlook." (Reuters) |
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Tito Mboweni |
"It's a fine balance. One should be aware that the market is thin on news and one has to be careful. But the reality is that we have a current account deficit - which is a reflection of an imbalance of one form or another - and we must deal with it. The central bank must tell it like it is." (Business report 2006-10-25) |
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Tito Mboweni |
"High levels of domestic expenditure have contributed to the widening deficit on the current account of the balance of payments. While the deficit is currently more than adequately financed by capital inflows, investor fears relating to the sustainability of the deficit increase the risks of exchange rate adjustments which could threaten the longer-term attainment of the inflation target. The policy challenge is to maintain low inflation within the context of a growing economy and a sustainable external balance." |
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"At times of changing interest rates, there are always reactions from two groups of people. Savers and people living from the interest earned on their savings are pleased by interest rate increases. Borrowers, however, often feel aggrieved during periods of rising interest rates, because of higher interest payments. Whenever interest rates change we get an avalanche of mail from both sides, either congratulating us or berating us for not considering the plight of particular groups. I should add that it is not a coincidence that as interest rates rise, I tend to become more popular with the older generations. Unfortunately, farmers are usually perennially in debt, so I will have to try and keep out of the way of the farmers of Worcester tonight! There are a number of risks to the inflation outlook, which led to our decision. These risk factors relate to the strength of domestic demand, exchange rate developments, food prices increases, as well as the potential threat from international oil price developments." Mboweni adressing the Worcester Rotary Club |
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Tito Mboweni |
"The domestic economy continues to grow at a brisk pace while domestic demand growth has sustained its vibrancy, buoyed by strong credit extension. The deficit on the current account of the balance of payments continues to be at levels which may strongly influence the exchange rate outlook. The exchange rate has depreciated further since the last MPC meeting and broad-based pressure from producer prices has become more pronounced." |
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23 February 2002 |
Installed as Chancellor of the University of the North-West. |
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August 1999 |
Appointed Governor of the South African Reserve Bank. |
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July 1998 |
Joined the South African Reserve Bank as Advisor to the Governor. |
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1997 |
Appointed head of the ANC's Policy Department |
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May 1994 - Jul 1998 |
Minister of Labour in President Nelson Mandela's cabinet. |
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1987 |
Obtained a Master of Arts degree in development economics from the University of East Anglia in England. |
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1985 |
Obtained a Bachelor of Arts degree at the National University of Lesotho. |
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1979 - 1980 |
Attended the University of the North-West. Left South Africa in 1980 without completing his BCom degree. |
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16 March 1959 |
Tito Mboweni is born, the youngest of 3 children. |
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References
23 October 2006 |
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