[BREAKING] The SAReserveBank has hiked the repo rate by 50 basis points ... move takes commercial banks' prime lending rate to 11.25%. SARBMPCMAR2023 InterestRate
A repo rate hike of 50 basis points was announced by South African Reserve Bank Governor Lesetja Kganyago just after 15h00 on Thursday. The central bank’s Monetary Policy Committee surprised the market with a sharper increase than most economists and commentators were expecting – a move that takes the repo rate to 7.75%.
It comes in the wake of stubbornly high inflation, which came in higher in the latest StatsSA’s reading for February at 7%. This move takes the prime interest rate to 11.25%. Read: Inflation accelerates to 7%, for the first time in four months Local food price inflation is revised up despite global food prices falling in dollar terms, in part due to the lagged impact of the weaker exchange rate. Food price inflation is now expected to be 9.9% in 2023 and 4.5% in 2024 . #SARBMPCMAR2023 pic.
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