The Monetary Policy Committee announce its repo rate decision.
South African consumers will have to tighten their belts even further as the SA Reserve Bank's Monetary Policy Committee has hiked the repo rate by 25 basis points to 7%.
The prime lending rate will be 10.50%.
Delivering the statement of the Monetary Policy Committee on Thursday, Lesetja Kganyago, Governor of the South African Reserve Bank (SARB) said four members preferred this action, while two favoured no change.
“The committee agreed that inflation risks had intensified and that the challenge of large and overlapping shocks would likely trigger second round effects, requiring a monetary policy response. Our decision was aimed at managing risks and ensuring that inflation returns to target.”
