Repo Rate Hiked to 7%: SouthAfrica
The increase means that the repo rate will now be 7% per year from 25 November 2022, with prime now at 10.5%.Addressing media, the Governor said three members of the MPC preferred the announced increase.The level of the repurchase rate is now above the level prevailing before the start of the pandemic.
"The revised repurchase rate remains supportive of credit demand in the near term, while raising rates to levels more consistent with the current view of inflation and risks to it. The Governor said local food price inflation was revised up due to the weaker exchange rate and was now expected to be 8.8% in 2022.
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