This is what to expect from the Reserve Bank’s interest rate announcement this week.
The South African Reserve Bank’s Monetary Policy Committee will be meeting this week and will announce a decision on interest rates on Thursday .’s poll of 20 economists, academics and analysts, 93%, or 19 out of 20, forecast a rate hike on the way.
Reserve Bank governor Lesetja Kganyago has made it clear that the central bank will continue using rate hikes as its key tool to contain inflation and said that hikes would continue as long as inflation remains high. Other views, like those from the Bureau of Economic Research, say it will be a close call between 25bps and 50bps. If it is a lower hike now, the balance would be expected in March.
“If the longer-term forecast realises, then [the] repo rate may be reduced in the course of 2024,” he added.
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