SARB pushes repo rate up by 25 basis points
As predicted by many analysts, the South African Reserve Bank has announced it's pushing up the repo rate again.
Governor Lesetja Kganyago made the announcement on Thursday.
He said the central bank’s Monetary Policy Committee has decided to increase the repurchase rate by 25 basis points.
"So 7.25 percent per annum with effect from the 27th of January."
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The MPC has been meeting this week to decide the first rate adjustment of the year.
Kganyago warned that hard economic times will persist.
"Economic and financial conditions are expected to remain more volatile for the foreseeable future. In this uncertain environment, the MPC will seek to look through temporary price shocks and focus on potential second-round effects and the risk of reoccurring inflation expectations.”
