Cost of living is hurting economy, says Kganyago in defence of rate hike
Hike of 75 bps takes rate back to pre-Covid level
22 September 2022 - 15:19
UPDATED 22 September 2022 - 22:45
The SA Reserve Bank raised borrowing costs at the steepest rate in two decades for a second consecutive time, returning the repo rate to its January 2020 level before the Bank unleashed an extraordinary stimulus to keep the economy afloat during the Covid pandemic.
The 75 basis point (bps) increase comes despite the Bank reducing its GDP growth forecast for 2022 from 2% in July to 1.9% following a second-quarter contraction...
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