The South African Reserve Bank has cut debt holders some slack with a hold on rates - but with a warning.
The South African Reserve Bank’s Monetary Policy Committee has voted to hold rates.The hold on rates signals a pause in the SARB’s hike cycle that started in November 2021 – butAccording to SARB governor Lesetja Kganyago, at the current repurchase rate level, policy is restrictive, consistent with elevated inflation expectations and the inflation outlook.
The forecast for global growth is revised marginally higher to 2.5% for 2023 and remains unchanged at 2.7% in 2024. As with previous statements, Kganyaho highlighted that, without load shedding, the country’s growth prospects would be much higher. The prevailing energy crisis continues to weigh heavy on the economy.
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