The South African Reserve Bank has told economists what needs to happen before the current rate hike cycle can end.
The South African Reserve Bank told economists on Friday that it needs to see consumer inflation steadily decline to the 4.5% mid-point of its targeted range before it will consider pausing or stopping its current rate hiking cycle.
“Based on the Monetary Policy Committee’s commentary on Thursday and Friday, there is now some upside risk to our view that the policy rate will be hiked by another 25bps in January to a terminal rate of 7.25%,” it said. The BER noted that, in contrast to the hawkish comments from MPC members and the near-term sticky inflation outlook, financial market developments over the past week were more constructive.
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