Lesetja Kganyago says short-term pain is necessary after 50 bps rate hike
Reserve Bank says further weakness likely; rand plummets to a record low
The rand plummeted to a record low on Thursday after the Reserve Bank hiked rates to a 14-year high and stoked market fears about the outlook for the currency and for the economy.
In a rare unanimous decision, the Bank’s monetary policy committee opted for a 50 basis point (bps) rate hike, in an effort to curb an inflation outlook which has worsened on the rand’s sharp slide in recent weeks...
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