SA Reserve Bank hikes interest rates by 75 basis points in a split decision

25 Nov 2022

The central bank's Monetary Policy Committee (MPC) raised interest rates by 75 basis points (bps) on Thursday, taking its hiking cycle since November 2021 to 350bps and the prime lending rate to 10.5%.

Source: Pixabay

The bank is concerned about broadening inflation pressures, but two of the five MPC members voted for an increase of 50bps, suggesting the tightening pace may slow.

The split decision belied the hawkish tone of the statement read by SA Reserve Bank Governor Lesetja Kganyago.

Read the original article on Daily Maverick.