South Africa's central bank raised its main interest rate on Thursday to a 14-year high, a move Governor Lesetja Kganyago described as 'bitter medicine' needed to tame inflation.
South Africa's central bank governor, Lesetja Kganyago, arrives to deliver a keynote address on monetary policy, growth and jobs at the University of the Witwatersrand in Johannesburg, South Africa, November 1, 2022. REUTERS/Siphiwe Sibekoon Thursday to a 14-year high, a move Governor Lesetja Kganyago described as "bitter medicine" needed to tame inflation.
The SARB has now raised rates at 10 meetings in a row, adding a total of 475 bps to the repo rate since it began tightening policy in November 2021. Inflation fell more than expected to 6.8% year on year in April from 7.1% in March, data showed on Wednesday.
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