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Cape Town’s Table Mountain would see a 20% increase in tourism if it were named one of the New Seven Wonders of the World, according to Western Cape Tourism MEC Alan Winde.

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Interest Rates to Rise

| News by Staff Reporter

But not for many months, according to the Reserve Bank

The Reserve Bank on Tuesday said in its monetary policy review that risks to South Africa’s inflation outlook are “skewed to the upside”.

The Reserve Bank said although the domestic economy remains weak the next move in interest rates is likely to be upwards, although rates will stay steady for many months before any change.

The Bank said the country’s leading indicator of business activity fell 0,3% in September to its lowest level since November 2010. This is the third month of contraction this index has shown since September 2011.

In an economic update released yesterday the World Bank revised its medium-term growth forecasts for SA to 3,2% this year, 3,1% in 2012 and 3,7% in 2013 from its forecasts of 3,5%, 4,1% and 4,4% respectively in July.

It said this was a result of weakness in the global economy and a slowdown in public infrastructure spending.

The South African Reserve Bank added that it sees inflation breaching the target band of 3% - 6% by the end of this year and remaining outside of the target band until the fourth quarter of 2012, but that this would not lead to an immediate interest rate hike.

“In the current climate we think we should watch (the breach) rather than respond to it,” Gill Marcus, The Reserve Bank’s governor said on Tuesday.

Source: www.bizpremises.co.za

Table Mountain Tourism

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Interest Rates to Rise

But not for many months, according to the Reserve Bank

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