The Reserve Bank hikes the rate to contain inflationary expectations.

SOUTH AFRICA - Report 23 Nov 2018 by Iraj Abedian

In its last Monetary Policy Committee (MPC) meeting for 2018, the South African Reserve Bank decided to increase the repurchase (repo) rate by 25 basis points from 6.5% to 6.75%, effective from 23 November 2018. This moves the bank lending (prime) rate to 10.25% from 10%. The SARB last made a change to interest rates back in March 2018 when it cut them.

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