Rand slumps to record low as Reserve Bank hikes repo rate to 8.25%
Rand plunges to a record low at R19.79/$ following the decision, in its biggest one-day fall since November 2021
The SA Reserve Bank has raised the repo rate by another 50 basis points (bps) to 8.25% as the country battles myriad problems including rolling blackouts, a stagnant economy and a currency at a record low.
The decision on Thursday by the Bank’s monetary policy committee (MPC) puts the repo rate at levels last seen in the aftermath of the 2007-2008 global financial crisis, after which rates were lowered to boost struggling economies...
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