Gordhan praises Bank for fine balancing act

The Reserve Bank has done well to balance economic growth and the need to create jobs in its policy decisions, Finance Minister Pravin Gordhan said yesterday. The Bank left the repo rate at a historic low of 5% last month, but the Organisation for Economic Co-operation and Development has said the bank has room to loosen policy further to stimulate Africa’s biggest economy after a sluggish recovery from a 2009 recession.