Several factors contribute to the likely increase, including inflation, greylisting and the rand's dive. 📈 Economy TheCitizenNews
Economists predict that more misery will likely be imposed on South African vehicle and home owners, as the central bank’s Monetary Policy Committee will meet to discuss the country’s repo rate later next week, with a steady increase on the cards.
“Current inflation from March this year is at 7.1% and there’s an expectation that inflation will remain at this level in the April reading that should be released in two weeks’ time. Meanwhile, Tertia Jacobs, Treasury economist at Investec, reckons that the context of May’s MPC meeting should be quite interesting.“Internationally, the rate hiking cycles of the Federal Open Market Committee and the European Central Bank have reached an advanced stage. Chair Powell states that the FOMC is no longer saying they anticipate rate increases, interpreted as a hawkish pause.
“The US embassy’s announcement last week that South Africa provided weapons to Russia, even as South Africa is non-aligned to the US,and Ukraine, followed by the appointment of a judicial commission of inquiry by President Ramaphosa, has added to the country risk premium.
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