Another 75-basis point repo rate increase by the South African Reserve Bank despite slowing inflation

SOUTH AFRICA - Report 22 Sep 2022 by Iraj Abedian

Staying its course of policy normalization, the South African Reserve Bank hiked the benchmark interest rate by another 75 basis points during the Monetary Policy Committee’s (MPC) September meeting. With the repo rate climbing to 6.25% from 5.5%, the prime lending rate also increases, to 9.75% from 9%. Today’s interest rate decision brings the cumulative increase to 275 bps since November 2021.

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