Business Maverick: South Korea, Indonesia Central Banks Cut Rut Rates, Follow Peers

“Many Asian economies are at the leading edge of the global industrial cycle and policy rate cuts across the region reveals expectations that the current export malaise will endure,” said Frederic Neumann, co-head of Asian economics research at HSBC Holdings Plc in Hong Kong.“The Bank of Korea and Bank Indonesia were among the last major central banks in Asia to join the easing club.

“The region is in need of macro policy support, both monetary and fiscal, to stabilize growth amid ongoing trade uncertainties,” said Juliana Lee, chief economist for Asia at Deutsche Bank.came as the central bank almost halved its growth forecast for the year to 0.6%. The MPC made it clear though that the move can only boost the economy if the government removes the underlying structural restraints.

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WATCH: SA Reserve bank cuts interest rates | IOL Business ReportSouth African Reserve Bank Governor Lesetja Kganyago announced today the bank's latest decision on interest rates.
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BUSINESS MAVERICK: SARB cuts repo by 25 basis points while repeating pleas for structural reformThe South African Reserve Bank stuck to the script on Thursday, July 18 when its Monetary Policy Committee cut the key lending, or repo rate, by 25 basis points. The tone of the announcement was on the hawkish side and the bank must be tiring of its plea for wider structural reforms to complement monetary policy in order to get economic growth fired up.
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