The Reserve Bank's monetary policy committee today hiked the repo rate - the rate at which the reserve bank lends to commercial banks - by another 50 basis points, bring the rate to 7.25%
Reserve Bank governor Lesetja Kganyago announced the monetary policy committee's 50-basis point hike in ratesThe Reserve Bank's monetary policy committee today hiked the repo rate - the rate at which the reserve bank lends to commercial banks - by another 50 basis points, bring the rate to 7.25%.
Reserve Bank governor Lesetja Kganyago offered a bleak outlook, saying that the bank saw"no material easing of difficult global economic conditions". Many economies in the developing world face weaker economic growth and prolonged adverse financing conditions. Continued load shedding is having a devastating effect on the country's growth outlook, with the bank forecasting an anaemic 0.2% growth for 2024. Contrasted with food price inflation that is at 9.9%, consumers will be squeezed even more to put food on the table.Economic growth has been volatile for some time and prospects for growth appear even more uncertain than normal.
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