DStv Channel 403 Saturday, 02 November 2024

Reserve Bank hikes repo rate by 50 basis points

Lesetja Kganyakgo

JOHANNESBURG - The South African Reserve Bank has increased the repo rate by 50 basis points to 7.75 percent.

This now brings the prime lending rate to 11.25 percent.

The sharp increase comes in the wake of high inflation.

READ: WATCH | Reserve Bank announces repo rate decision

Power cuts contributed to the MPC's to hike rates, adding 0.5 percent to overall inflation.

SARB Governor Lesetka Khanyago says economic and financial conditions are expected to remain volatile.

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