The Reserve Bank of South Africa is widely expected to cut interest rates after it announced that it was convening a meeting nearly three weeks ahead of schedule.

In a statement on the central bank’s website, the Monetary Policy Committee announced a change in meeting dates for the rest of the year, with monthly meetings throughout 2009 instead of its usual bi-monthly meetings.

The next meeting will now take place on the 23 and 24 March. The only month without a monthly meeting planned is now July.

The MPC did not specify any reason for the change in dates, however many analysts have been speculating on possibility of an early rate setting meeting, as the central bank aims to stimulate economic growth.

The fact that the central bank is set to meet more regularly throughout 2009 also highlights its concerns that the economy appears to be heading for a recession, and its need to keep a close eye on monetary policy.

Figures since the last MPC meeting revealed that South Africa’s economy contracted by 1.8% in the fourth quarter of 2008, the first fall in a decade, and likely marking the start of SA’s recession.