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Raises Rates by 75bps, With Board Vote Very Split

SARB
  • SARB raises rates by 75bps to 5.50%, against a consensus view for a 50bps rate rise.
  • Votes were split across the MPC, with 1 member voting for 100bps hike, 1 member voting for 50bps and 3 members voting for 75bps.
  • The larger-than-expected hike puts ZAR firmer, with USD/ZAR printing a new daily low. USD/ZAR still sits clear of the Wednesday lows, however, at 17.0360.
  • Media Q&A begins
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  • SARB raises rates by 75bps to 5.50%, against a consensus view for a 50bps rate rise.
  • Votes were split across the MPC, with 1 member voting for 100bps hike, 1 member voting for 50bps and 3 members voting for 75bps.
  • The larger-than-expected hike puts ZAR firmer, with USD/ZAR printing a new daily low. USD/ZAR still sits clear of the Wednesday lows, however, at 17.0360.
  • Media Q&A begins