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South African Reserve Bank hikes rates by 75 basis points to 6.25 pct

23/09/2022 03:34 PM

JOHANNESBURG, Sept 23 (Bernama) -- The South African Reserve Bank (SARB) hiked its repo rate (repurchase agreement rate) Thursday by 75 basis points to 6.25 per cent from 5.5 per cent.

Reserve Bank Governor Lesetja Kganyago said the effects of the coronavirus and heightened geo-political tensions slid the global economy into a period of persistently high inflation and weaker economic growth.

“Russia’s war in Ukraine continues to impair production and trade of a wide range of energy, food and other commodities. The supply of energy to the Euro Area is limited as winter approaches, placing immense strain on households, businesses and governments,” said Kganyago.

The new rate means the prime lending rate will increase to 9.75 per cent from 9 per cent.

SARB also revised forecasts for the economy to grow 1.9 per cent in 2022 from a previous estimate of 2 per cent.




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