South Africa Annual Budget Speech

הנתונים האחרונים

עדיין לא מוצגות תוצאות של הפרסום הזה. הן יופיעו כאן מיד עם פרסומן.

לצפייה ביומן הכלכלי ←

למה זה חשוב

Policymakers use speeches to prepare markets for decisions. A governor or chair can move the South African rand and bond yields with a single sentence about the outlook for the repo rate; members who vote on rates matter more than those who do not, and a change in a usually predictable speaker's tone matters most.

איך זה מחושב

There is no figure; what matters is whether the remarks change expectations for rates.

מה המשמעות של שינויים

• Listen for the balance between inflation worries (hawkish) and growth or job worries (dovish).
• Prepared remarks are released at the start; the questions afterwards often carry the surprises.
• Testimony before parliament or congress is usually the most market-moving.

היסטוריה קצרה

For most of the 20th century central bankers said as little as possible; since the 1990s, communication and forward guidance have become policy tools in their own right.

שאלות