South African Repo Rate Increases to 7.75 Percent: SouthAfrica
Kganyago announced this at a press briefing on Thursday afternoon.
"Guiding inflation [currently at least 7%] back towards the mid-point of the target band [between 3% and 6%] can reduce the economic costs of high inflation and enable lower interest rates in the future. Achieving a prudent public debt level, increasing the supply of energy, moderating administered price inflation and keeping wage growth in line with productivity gains would enhance the effectiveness of monetary policy and its transmission to the broader economy," Kganyago said.
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