MPC hikes repo rate by 75 basis points to 7%

mpc hikes repo rate by 75 basis points to 7

JOHANNESBURG – The repo rate has been increased by 75 basis points to 7%.

Since last November, the MPC has raised interest rates off record lows during the COVID-19 pandemic, with rates now above pre-pandemic levels.

South African Reserve Bank Governor Lesetja Kganyago said that the monetary policy committee had mixed views on how much the repo rate should be increased by.

“Three members of the committee preferred the announced increase. Two members preferred a 50 basis points increase.”

But he said that inflation was a problem and needed to be dealt with.

“The bank’s forecast of headline inflation for this year and next is slightly higher at 6.7% and 5.4% respectively.”

Don’t Miss Out On The Latest Happening >>> More Gist  @ >>   HypeGist
READ ALSO;   Mome Mahlangu reflects on some of the memorable moments she had with Riky Rick

Leave a Reply

Your email address will not be published. Required fields are marked *