January 22, 2015 / 10:32 AM / 3 years ago

S.Africa's cbank will wait for 2nd round effects of oil price drop-Kganyago

DAVOS, Switzerland, Jan 22 (Reuters) - South Africa’s central bank will wait to see the second round effects of the sharp drop in oil prices before making a policy response, Governor Lesetja Kyanyago said.

“The position we are taking is that in the same way that when the oil price goes up, you want to see through the cycle, you want to see second round effects kicking in before you can take any policy response, the same must be applied when the oil price goes down,” Kganyago told Reuters TV in Davos.

The South African Reserve Bank will hold its first policy meeting for 2015 next week.

Writing by Stella Mapenzauswa; Editing by James Macharia

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