The South African Reserve Bank’s Monetary Policy Committee (MPC) has decided to raise the repo rate to 4.25% per annum.
Reserve Bank governor Lesetja Kganyago said in a statement on Thursday afternoon , that the rate hike comes against a backdrop of higher global and local inflation.
“Economic and financial conditions are expected to remain more volatile for the foreseeable future. In this uncertain environment, policy decisions will continue to be data-dependent and sensitive to the balance of risks to the outlook. “Such steps will enhance the effectiveness of monetary policy and its transmission to the broader economy,” he said.GDP growth is forecast to be 1.9% in both 2023 and in 2024. Economic growth at these rates remains well above a low rate of potential growth still constrained by load shedding and policy uncertainty, said Kganyago.
Overall, and after revisions, the risks to the medium-term domestic growth outlook are assessed to be balanced, he said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SCOFF: The peculiarly South African story of kitkeKitke is a spiritually significant, deeply delicious braided bread garnished with South African stories.
Read more »
Court to decide South African power securityA court hearing that started Tuesday will determine whether South Africa can move forward with a project to top up its energy capacity after a year of record power blackouts. The ruling will also be critical for the businessman who blocked the plan with his lawsuit.
Read more »
All South African learners to get a free e-mail addressCommunications minister Khumbudzo Ntshavheni said every South African learner will get a free, government-supplied e-mail address, with the project to kick off later this year.
Read more »
2 South African billionaires climb global wealth rankingsHurun Report has published its annual rich list, ranking over 3,300 billionaires from 2,500 companies and 69 countries – including South Africa.
Read more »
All South African learners to get a free government e-mail addressCommunications minister Khumbudzo Ntshavheni said every South African learner will get a free, government-supplied e-mail address, with the project to kick off later this year.
Read more »
Government has 'no interest' in selling the South African Post Office
Read more »