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S. Africa Central Bank Unanimously Vote To Raise Repo Rate By 50bp

SARB

Governor Lesetja Kganyago says that the Monetary Policy Council took a unanimous decision to raise the policy rate by 50bp.

  • This was the SARB's first unanimous rate decision since the beginning of this tightening cycle in November 2021.
  • Kganyago says that monetary policy is "restrictive" at the current level, while future decisions will depend on incoming data.
  • Most economists expected the SARB to deliver a 50bp rate hike, despite below-forecast CPI data earlier this week.

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