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Reserve Bank governor Lesetja Kganyago prepared businesses and consumers for higher borrowing costs as he argued that monetary policy remains “accommodative” even after an increase in the repo rate that was the largest in six years.

The 50 basis points increase to 4.75% came despite the Bank reducing its GDP growth forecast for 2022 to just 1.7%, from 2% at the March meeting, citing recent flooding in KwaZulu-Natal and Eskom power cuts. One of the five monetary policy committee members voted for a 25 basis points increase...

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