Repo rate pushed up again
The South African Reserve Bank says the repo rate is being hiked by 75 basis points to 6.25% from Friday.
The decision follows a meeting of the Monetary Policy Committee, and is aimed at fighting inflation.
READ: Load shedding, inflation key to repo rate decision – economist
Reserve Bank Governor Lesetja Kganyago says the MPC was divided about how much to push the repurchase rate up by.
"Three members of the committee preferred the announced increase. Two members preferred a 100 basis points increase.
"The level of the repurchase rate is now closer to the level prevailing before the start of the pandemic."
ALSO READ: Consumer inflation lowest since January - Stats SA
"The revised repurchase rate path remains supportive of credit demand in the near term, while raising rates to levels more consistent with the current view of inflation risks."
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