The monetary policy committee again unanimously decided to keep the benchmark repo rate unchanged at 3.5%, saying that it expected inflation to remain contained in 2021 and 2022, before rising to the 4.5% midpoint of the inflation target range in 2023.
When will the Reserve Bank start to hike interest rates? Its comments after this week's monetary policy committee have added to a fever of debate about when, and even whether, it will increase, and by how much, especially given the uncertainty over what the recent unrest might do to the economic outlook.
It's widely expected that the Bank will have to look at raising rates at some point, as advanced countries expect to start "normalising" their monetary policy and inflation expectations rise in SA. But this week's meeting did not throw much light on it, with Kganyago emphasising that the committee, not the model, decided interest rates, based on its assessment of the risks.
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