2022-11-24 14:31:10

South Africa Central Bank Raises Key Rates Further

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RTTNews
By Rtt News Staff Writer

South Africa's central bank raised its key interest rates for the seventh straight policy session on Thursday to anchor inflation expectations more firmly around the mid-point of the target band and to increase confidence of attaining the inflation target sustainably over time.

The Monetary Policy Committee, headed by Governor Lesetja Kganyago, decided to increase the repurchase rate by 75 basis points to 7.00 percent from 6.25 percent, the South African Reserve Bank said. The decision was in line with economists' expectations.

The previous change in the rate was also 75 basis points in September, followed by the same in July.

The level of the repurchase rate is now above the level prevailing before the start of the pandemic, the bank said in a statement.

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