JOHANNESBURG - Consumers are hoping the Reserve Bank ends one of its longest interest rate hiking cycles this week.
Since November 2021, the bank has raised rates 10 times consecutively, pushing the repo rate up by 425 basis points.
Consumers have been struggling with escalating loans repayments as banks flag an increase in bad debts.
Reserve Bank governor Lesetja Kganyago has warned that the Bank will not start cutting rates until it is confident that inflation is heading down towards its 4-and-a-half percent target.
Inflation is currently at 6.3 percent.
Consumers are hoping the Reserve Bank ends one of its longest interest rate hiking cycles this week. Since November 2021, the bank has raised rates ten times consecutively, pushing the repo rate up by 425 basis points. #QuestionThinkAct #DStv403 pic.twitter.com/DJacMj6Lby
— eNCA (@eNCA) July 17, 2023