Economists expect a big rate hike this week – with more to come in the new year.
The South African Reserve Bank is expected to hike interest rates this week – marking the seventh rate hike since the current hike cycle started in November 2021.
“Although South Africa’s inflation is not as high as the United States , we are nearing peak inflation,” he said, adding that the effect on the South African economy is unfortunate. According to Jeff Schultz, senior economist at BNP Paribas South Africa, however, it’s still too early to call a ‘pivot’ in the Reserve Bank’s hiking strategy.
“While there is an argument for a shift down in the pace of SARB hikes to allow for monetary transmission and to acknowledge a souring domestic growth outlook, we believe that the SARB is likely to view that it has merely done the minimum up to this point by only recently fully unwinding the 275bp in cumulative cuts it delivered in response to the Covid pandemic,” he said.
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