MARKET WRAP: Rate hike takes rand to two-week high
JSE slides in line with global bourses as investors are roughed up by inflation fears
19 May 2022 - 19:28
The rand reached its best level in two weeks on Thursday after the SA Reserve Bank raised its benchmark interest rate in line with market expectations.
The Bank’s monetary policy committee increased the repo rate by 50 basis points to 4.75%, the biggest in more than six years, as it tries to reel in inflation that is running close to the upper end of its target range...
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