SA Reserve Bank Deputy Governor Fundi Tshazibana says it’s too early to declare the end of interest-rate increases due to multiple inflation risks.
South African Reserve Bank Deputy Governor Fundi Tshazibana said there are too many risks to the inflation outlook to declare that the cycle of interest-rate increases is over.
The central bank’s monetary policy committee has raised interest rates by 475 basis points to 8.25% in its current tightening cycle that started in November 2021 and paused at its last two meetings. “While many in the public domain are trying to get us to say the hiking cycle is over, as I said, there are too many risks on the horizon for us to pronounce on it,” she said at an event at the Gordon Institute of Business Science in Johannesburg on Tuesday.Annual inflation has remained above the midpoint of the Reserve Bank’s target range of 3% to 6% — where it prefers to anchor expectations — since May 2021. It accelerated to 5.4% in September because of higher energy and food prices.
The MPC will announce its next rate decision at its final meeting of the year scheduled for 21 to 23 November 2023.Lenhle Khoza reveals the winner of Samsung’s Solve for Tomorrow competition
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