The South African Federation of Trade Unions is due to hold a picket outside the Reserve Bank today. The Bank is expected to hike the country’s repo rate when it makes its announcement on interest rates this afternoon. reporate
Image: Noknululeko HlopheThe South African Federation of Trade Unions is due to hold a picket outside the Reserve Bank on Thursday. The Bank is expected to hike the country’s repo rate when it makes itsEconomists anticipate that the Reserve Bank’s Monetary Policy Committee will raise interest rates by between 25 and 50 basis points.“We will be in Helen Joseph Street in Pretoria at 13:00 to protest against what the MPC, SARB, and SA government is following.
They say the recent weakness in the rand will be one of the main drivers behind a likely decision to hike interest rates. The Reserve Bank has increased rates by 425 basis points since November 2021. The repurchase rate currently sits at 7.75% while the prime lending rate is at 11.25%.-Additional reporting by Naledi Ngcobo
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