South African Reserve Bank Governor Lesetja Kganyago cited elevated inflation and a weak rand as some of the reasons for the decision by the monetary policy committee (MPC).
Reserve Bank Governor Lesetja Kganyago announced this on Thursday afternoon.
"Against this backdrop, the MPC decided to increase the repurchase rate by 50 basis points to 8.25% per year, with effect from the 26th of May 2023. The decision was unanimous." The Monetary Policy Committee decided to increase the repurchase rate by 50 basis points to 8.25% per year, with effect from 26 May 2023. #MPCMAY2023 pic.twitter.com/JBILyns6Gh
' SA Reserve Bank May 25, 2023 Governor Kganyago cited elevated inflation and a weak rand as some of the reasons for the decision by the monetary policy committee ."Average interest rate levels in major economies are higher than were projected in March. Tighter global financial conditions raise the risk profiles of economies needing foreign capital, leading generally to weaker currencies.
SA Reserve Bank Monetary Policy Committee delivered the May 2023 MPC statement. The MPC decided to increase the repurchase rate by 50 basis points to 8.25% per year, with effect from 26 May 2023. For the full statement, click here: https://t.co/wcH6hhRJPF or you can watch here:…
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