Economists say South Africans should expect big rate hikes to continue; SARS goes after failed crypto scheme for millions owed in tax; Mbalula promises to have SA’s rail corridors up and running by September; and former president Thabo Mbeki warns that social unrest may explode in South Africa.
South Africans should expect sharp interest rate hikes to continue as the Reserve Bank looks to beat rising inflation and stem talk of recession. The central bank hiked rates by 75 basis points on Thursday, adding pressure on households carrying debt. Economists expect two more sizeable hikes this year, pencilling in another hike of 75bp in September, and 50bp in November, which would take the repo rate above pre-pandemic levels.
The R52 billion project aims to revitalise ten corridors connecting major metropolitan areas. Prasa controls around 40 corridors, with Transnet handling long-distance tracks. The railways have fallen into disrepair and have been subject to vandalism and theft.
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