South Africa’s central bank sees a need to continue raising borrowing costs, even after hiking interest rates faster than its modelling suggested. | News24_Business
South Africa’s central bank sees a need to continue raising borrowing costs, even after hiking interest rates faster than its modelling suggested.
While the pace of tightening reflected upside risks to the inflation outlook, an environment of heightened uncertainty with rising costs and domestic price pressures that have “intensified sharply” mean policy makers may still need to raise interest rates to “levels that are consistent with a stable and lower inflation rate,” it said.
The South African Reserve Bank responded to the worst global inflation shock in a generation quicker than several of peers and has raised the policy rate by 275 basis points since November. Its modelling implies year-end rates of 6.36% in 2023 and 6.76% in 2024. Governor Lesetja Kganyago has repeatedly said the model is simply a broad policy guide.
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