After years of historically low interest rates that went even lower during the early months of the COVID-19 pandemic, the Bank of Canada raised rates significantly over about 18 months beginning in the spring of 2022.
However, Macklem told reporters that while the impact of shelter costs is weighing on the central bank decision-makers, there are other underlying inflationary pressures that continue to persist. And while the share of CPI components rising faster than three per cent has declined, it is still above the historical average.
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The consumer price index (CPI) based retail inflation, which had started showing signs of moderation since May, has again firmed up to 7 per cent in August. The RBI takes into account retail inflation while framing its bi-monthly monetary policy.
The RBI Governor-headed Monetary Policy Committee (MPC) is scheduled to start its three-day deliberations on Wednesday. The decision of the rate-setting panel would be announced on Friday (September 30).
The US Fed delivered third consecutive rate hike after it raised the rates by 75 bps to take the target range to 3 - 3.25 per cent. The central banks of the UK and the EU have also gone for rate hikes to tame inflation.
"This means that a rate hike is given. The quantum is what the market would be interested in. While a hike of 25-35 bps would have signaled that the RBI is confident that the worst of inflation is over, the recent developments in the forex market could prompt a higher quantum of 50 bps to stay on track with other markets so as to retain investor interest," he said.
"Any hike in rates would result in banks increasing home loan interest rates, too. But, we are of the opinion that its impact would not be significant as demand for property remains robust. Demand is only going to accelerate further during this festive season," he said.
While central bank officials normally hold speeches and other events to communicate their thinking and to set expectations, Laval University economics professor Stephen Gordon says its audience has traditionally been smaller than it is today.
Conservative leadership front-runner Pierre Poilievre has been a loud critic of the Bank of Canada, vowing to fire Governor Tiff Macklem if he becomes prime minister. Poilievre has not explained how he plans to fire Macklem given the Bank of Canada Act does not provide the federal government with that power.
The Bank of Canada used this policy tool for the first time when the pandemic hit to fight off the risk of deflation. It bought government bonds from financial institutions using settlement balances, or reserves, that it deposited into the accounts of financial institutions and paid interest on. As the bank stated, these reserves are not the same as cash.
Many homeowners will see an immediate rise in their mortgage repayments following the Bank of England's decision to increase the base rate to 4 per cent last Thursday. If only the same prompt action could be applied to all savers.
With rates having been so poor on savings accounts for the past few years, another increase so soon after November's 0.25 per cent rise in the base rate should be welcome. And for those savers whose account providers have raised rates accordingly, it is.
But this is not the case across the board. Some pro- viders, such as the Halifax, have yet to pass on the full 0.25 per cent rise from last November to all their savers. And while the majority of mortgage lenders managed to raise their standard variable rates (SVRs) by the full 0.25 per cent within minutes of the latest Bank of England announcement, most of these have delayed a decision on savings until the end of the month. Abbey is just one example: it raised its SVR by 0.25 per cent to 6 per cent straight away, but is making savers wait for the benefits. The bank says: "Full details of changes to savings rates will be announced later this month."
Even those providers that announced an increase in savings rates won't actually put them up until 1 March. Lloyds TSB is raising the rate on its Plus Account by 0.25 per cent to 4.75 per cent annual equivalent rate (AER) for new customers from next month. This is guaranteed until 1 May 2005 - but account holders qualify only if they pay in more than 2,000 a month.
Given the reluctance in some quarters to pass on the rate rise in full, savers should consider searching for a better account. Birmingham Midshires has just launched a 5 per cent fixed-rate deal for one year, with a minimum investment of 1.
It probably isn't a good idea to tie your money up for longer than a year, as many City analysts forecast further rate rises this year. And with financial markets predicting that the base rate will be at 5 per cent this time next year, there is a danger of losing out if you opt for a longer tie-in.
"It may not be wise to lock savings into long-term fixed- rate accounts now when there could be better deals just round the corner," says Stuart Glendinning, director of credit cards, savings and mortgages at moneysupermarket.com, a website that compares financial products.
Some instant-access deals stand out. ING Direct pays 4.3 per cent on its instant access savings account (see the table on the left) on balances of 1, as does Coventry building so-ciety. Cahoot and the Halifax both pay more than the base rate on balances of 1 in their online instant access accounts, as will Intelligent Finance (IF) from 20 February.
If you haven't yet used up this year's individual savings account (ISA) allowance, you can get even better returns as they are tax-free. Most are instant-access too, so there are no restrictions on withdrawals.
2005 INVESTMENT CLIMATE STATEMENT -- SOUTH AFRICAOpenness to Foreign InvestmentThe government of South Africa (SAG) welcomes foreign investment as a key driver for the country's economic development and integration into the global economy. Its macroeconomic management is sound. Investment policies that promote openness and raise productivity and growth are key objectives of the SAG. In 2004 the government announced a goal of investment reaching 25 percent of GDP by 2014. Moodys gave South Africa (SA) a sovereign debt rating of Baa1, three steps into the investment grade, in January 2005. Standard & Poor and Fitch also rank South Africa at investment grade. The SAG has liberalized trade and developed its competitiveness by lowering tariffs, abolishing most import controls, and reforming the regulatory environment. South Africa's record of political and macroeconomic stability over the past decade has helped to create a promising medium to long-term economic climate for local and international firms in South Africa. South Africa, through its Trade and Investment South Africa (TISA) promotion agency, provides investment facilitation services for inbound investors. While investment opportunities are abundant in many sectors of the economy, the agency concentrates on sectors which research has indicated a high SA comparative advantage. The agency offers the following services to international investors: Information on sectors and industries; Consultation on the regulatory environment; Facilitation on investment missions; Links to joint venture partners; Information on incentive packages; Assistance with work permits; Logistical support for relocation.
The Department of Trade and Industry (DTI) published a comprehensive guide for investors about the dynamics and principles involved in the South African business environment. (For the "Investor's Handbook" see "publications" on web site: www.dti.gov.za)The government has created a number of incentives for the potential investor in South Africa. All business sectors are open to investors, no government approval is required, and there are almost no restrictions on the form or extent of foreign investment. For example, in his February 2001 budget speech, the Finance Minister announced an R3-billion incentive package for investors in strategic industrial projects. It entails tax allowances of either 50 or 100% of an approved investment, and is managed through the Strategic Industrial Project (SIP) program of the Department of Trade and Industry (DTI). Up to June 2003, investments worth R3.2 billion have been approved for tax break allowances under the SIP, a program aimed at companies that will invest more than R50 million and will contribute to the growth, development and competitiveness of specific industry sectors. The program will run until July 2005. In July 2004, the Department of Trade and Industry (DTI) announced a new incentive to attract investment, both foreign and domestic, in the film industry. It established the Film and Television Production Rebate Scheme that allows eligible applicants to receive a rebate of 15% of the production expenditures for foreign productions and up to 25% for qualifying South African productions. Film projects must have begun after April 1, 2004 and must reach a threshold of 25 million Rand in order to qualify for the rebate. Other requirements include 50% completion of the principal photography in South Africa and a minimum of four weeks photography time. Eligible productions include movies, tele-movies, television series, and documentaries. The maximum rebate for any project will be 10 million Rand (approximately $1.5 million). Details on the entire scheme are available at the DTI web site at www.dti.org.za. To encourage investors to establish or relocate industry and business to areas throughout South Africa, the countrys various regions (provinces) have development bodies that offer incentives. These incentives, which vary from area to area, include reduced interest rates, reduced rentals for land and buildings, cash grants for relocation of plant and employees, reduced rates for basic facilities, rail age and other transport rebates and assistance in the provision of housing. The Minister of Trade and Industry expressed the government's view on foreign investment as "...our sincere hope to attract real and growing international investor commitment to South Africa and, at the same time, to fully capitalize on the opportunities to bring about dynamic growth in our country. In so doing we hope to enhance commercial and industrial development, while creating sustainable employment and providing training for our vast resource pool." He continued to say that since the inception of the new democratic government in 1994, South Africa has effectively adhered to discipline, predictable economic fundamentals. Through this arduous process, South Africans have developed a strong entrepreneurial culture, keen to jointly develop the country with international partners. From a geographic perspective, South Africa is proud of the role to be played in facilitating and supporting the development of the region, offering a wide array of skills and technical understanding.SAs policy and regulatory frameworks can, however, serve as disincentives to new investment or impediments to the profitability of firms already operating in SA. Several foreign companies have in the past complained that South Africa's immigration legislation and the application of the law made it difficult to get work permits for their foreign employees. In particular they indicated that unnecessary delays, rejections of applications and limits (quotas) on foreign workers in a given field call into question potential investors ability to staff their operations with the necessary skills at a given time. It was argued that the immigration legislation was a remnant from the apartheid-era and did not take into account recent developments and the opening up of the South African market. The SAG acknowledged this problem and during 2001 introduced an Immigration Bill that would create more categories of permits for temporary residents. The legislation was contentious. Parliament finally approved the legislation in May 2002. Critics have charged that the Act, which was intended to assist with the process of bringing more skilled workers into SA, created uncertainty and confusion. Companies have also complained about the introduction, through a regulation in early 2003, of a 2% training levy on the salaries of expatriates in order to enter the country under an expedited visa procedure. The levy does not apply to expatriates already resident in the country or to inter-company transfers. Expatriates who enter the country under the normal visa procedure are exempt from the levy, but the normal process is complex and time consuming. The governments decision to implement the levy-based system through regulation rather than legislation has also been controversial. A legal challenge to the regulations further delayed the implementation of the new immigration legislation and this created more uncertainty about the effective handling of applications for visas. 152ee80cbc
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