FRIDAY BRIEFING | Lesetja Kganyago: A man of importance
The job of a central bank is to worry, as a Fed official once said. And among the world's central bankers, Lesetja Kganyago must be the greatest worrier of our time.
The South African economy – which has been in a bad state for years - is being devastated by record load shedding, and Kganyago's monetary policy committee has added immense pain by hiking the repo rate from 3.5% to 8.25% in less than three years. Until recently, local rates were juicy compared to rates of around zero in rich countries like the US and Europe. But this has changed as other central banks aggressively hike rates to fight inflation.Insight and analysis on the big political story of the week, plus a roundup of top columns and most-read stories.South Africa's interest rates now look much less appealing – at a time when the risk of investing here has also spiralled.
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