MARKET WRAP: Rate hike underpins buoyant rand
Reserve Bank sounds hawkish tone after revealing that two of its monetary policy committee’s five members had sought an even bigger increase
24 March 2022 - 19:12
The rand remained at a five-month high and local bonds extended gains on Thursday after the Reserve Bank raised its benchmark interest rate as expected.
The monetary policy committee (MPC) raised the repo rate for a third straight meeting — by a quarter of a percentage point to 4.25% — noting that inflation remained near the upper limit of its 3%-6% target range. Annual consumer price inflation was 5.7% in February, unchanged from a month earlier, according to the latest data from Stats SA. ..
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