As business confidence languished near its weakest levels in two decades, the Reserve Bank insisted that cutting interest rates is not a remedy for the country’s economic woes that are threatening to cost it its remaining investment grade.
While the central bank could act and provide some stimulus if there was a slack in growth, the extent to which low levels of credit growth, investment and confidence in the economy could be explained by tighter monetary policy is debatable, deputy governor Rashad Cassim told journalists on Wednesday.
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