Friday, July 25, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

Relief as Reserve Bank holds rates steady

Simon Osuji by Simon Osuji
July 20, 2023
in Finance
0
Relief as Reserve Bank holds rates steady
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

South Africans breathed a sigh of relief on Thursday as the SA Reserve Bank (Sarb) decided to leave its key repo rate unchanged at 8.25%.

The move comes as consumer inflation hit a 20-month low for June, and means that the prime lending rate of commercial banks remains at 11.75%.

Sarb Governor Lesetja Kganyago announced the decision following the conclusion of the bank’s July Monetary Policy Committee (MPC) meeting this week.

After rapidly raising rates at the previous 10 policy meetings, the MPC’s latest move to hold rates steady effectively ends its current hiking cycle, which has seen 475 basis points (bps) in repo rate increases since late 2021. This has taken interest rates to a 14-year high, as the Sarb moved to fight spiralling inflation.

Listen/Read: SA’s 5.4% June CPI worth a cheer

The decision to pause its rate hiking cycle comes a day after official data from Stats SA showed a considerable easing in inflation, which has slowed for the third consecutive month.

June’s inflation print of 5.4% falls within Sarb’s inflation target band, signalling that the effects of the central bank’s hiking cycle is filtering through.

Most economists and market watchers expected one last 25bp increase ahead of the July MPC meeting.

Kganyago said the Sarb’s GDP growth forecast is slightly revised upwards to 0.4%, up from its May estimate of 0.3%.

 



Source link

Related posts

Airbus bolsters African aviation with Jo’burg support hub

Airbus bolsters African aviation with Jo’burg support hub

July 25, 2025
Ghana to License Crypto Platforms as $3B Transactions Spur Regulation

Ghana to License Crypto Platforms as $3B Transactions Spur Regulation

July 25, 2025
Previous Post

Kilifi County Chief Officer Rahab Karisa stabbed to death

Next Post

South Africa Signals BRICS Expansion May Not Happen in August

Next Post
50 New Countries to Join BRICS Alliance at August Summit

South Africa Signals BRICS Expansion May Not Happen in August

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Have Your Say On Cape Town’s Strategy To Tackle Waste

Have Your Say On Cape Town’s Strategy To Tackle Waste

10 months ago
A Helicopter, Halibut, and ‘Y.M.C.A’: Inside Donald Trump’s Memecoin Dinner

A Helicopter, Halibut, and ‘Y.M.C.A’: Inside Donald Trump’s Memecoin Dinner

2 months ago
Scientists Claim to Have Brought Back the Dire Wolf

Scientists Claim to Have Brought Back the Dire Wolf

4 months ago
US Invests $2.4M to Treat Soldiers’ Pulmonary Conditions

US Invests $2.4M to Treat Soldiers’ Pulmonary Conditions

2 years ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • The world’s top 10 most valuable car brands in 2025

    0 shares
    Share 0 Tweet 0
  • Top 10 African countries with the highest GDP per capita in 2025

    0 shares
    Share 0 Tweet 0
  • Tanzania’s natural gas sector goes global with Dubai deal

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.