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Assessing and promoting civil and minority rights in South Africa.

[Source: The New York Times.]

South Africa’s finance deputy minister was quoted in a leading newspaper on Sunday as urging the central bank to temporarily create money to fund the government response to the COVID-19 pandemic and its economic fallout.

In an interview with the Sunday Times, David Masondo called on the government to avert a 1930s-style depression by getting the central bank to buy government bonds directly to fund the country’s deficit during the coronavirus crisis.

“Such bonds must be once-off special bonds with earned proceeds, and should be treated as a temporary measure with a clear exit plan,” he was quoted by the paper as saying.

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South Africa at a Glance
59 620 000 (mid 2020 estimate)
2.2% y/y in June 2020 (CPI) & +0.5 y/y in June 2020 (PPI)
-2.0% q/q (1st quarter of 2020)
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