South African Reserve Bank hikes repo rate by 25 basis points

The South African Reserve Bank has hiked the repo rate by 25 basis points. The repo rate is now at 4.25%. The prime lending rate at banks is now at 7.75%.

Reserve Bank Governor Lesetja Kganyago made the announcement on Thursday afternoon.

“Inflation, tighter monetary policy and the downstream impact of international conflict are examples of the contributing factors. Despite this, we are seeing a sustained return to improved economic growth in South Africa, driven by higher commodity prices and a return to pre-pandemic conditions. By raising the repo rate, the SA Reserve Bank maintains its growth-friendly stance. The SA Reserve Bank is taking additional steps to combat domestic inflation and to align with higher rates in developed markets,” he says

Source: eNCA

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