The SARB Raises the Repo Rate

SOUTH AFRICA - Report 29 Jan 2014 by Iraj Abedian
The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) opted today to increase the benchmark interest rate by 50 basis points to 5.5% per year. On the face of it, it appears that, after a protracted period of inaction, the SARB preferred this time to join the monetary policy tightening bandwagon, as has recently been the case with other emerging market economies (EMEs)’ central banks. The Bank cited the flight of capital from emerging markets economies and the ensuing currency depreciation as key factors explaining the worsening in its inflation outlook. As such, it se...

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