SA economy not out of the woods just yet
The South African Reserve Bank feels it cannot guarantee that Moody's will not look at a possible downgrade when it announces its review our economy in two month's time.
On Thursday, the Reserve Bank said the Rand has depreciated against the US Dollar, while business confidence is also low.
GDP growth for 2019 is forecast to remain at just zero-point-six percent.
Governor of the South African Reserve Bank, Lesetja Kganyago says while we narrowly dodged a downgrade days ago, this might not be the case when Moody's returns.
"Moody's will be making it's decision sometime in November, then it's a question of, if it is a downgrade, is that downgrade in the current prices or not. If it is in current prices it should not happen, in fact, but if it is not in current prices you should expect that the would be outflows of capital and that will manifest itself in the exchange rate," he said.
The repo rate was left unchanged at 6-point-5 percent yesterday.