The Monetary Policy Committee of the Reserve Bank decided to keep the repo rate unchanged at 8.25% after an unexpected increase in the inflation rate. Governor Lesetja Kganyago stated that the decision was made due to higher inflation and elevated inflation expectations.
Economists were divided on whether the repo rate would be increased after an unexpected increase in the inflation rate on Wednesday.The Monetary Policy Committee of the Reserve Bank on Thursday decided to keep the repo rate unchanged at 8.25% as most economists expected. The decision was unanimous.
Lesetja Kganyago, governor of the South African Reserve Bank (Sarb), made the announcement this afternoon, saying the decision was taken against the backdrop of higher inflation that generally resulted in elevated inflation expectations across markets, businesses and households. There were concerns the Monetary Policy Committee (MPC) would hike the repo rate on Thursday after the unexpected increase in the inflation rate on Wednesday from 5.4% in September to 5.9% in October. Kganyago warned that while the Sarb’s baseline inflation forecast improved, risks to the inflation outlook were still assessed to the upside. “Even as global headline inflation moderates, oil markets are tight and core inflation is stick
South African Reserve Bank Repo Rate Inflation Rate Monetary Policy Committee Lesetja Kganyago
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