SA Reserve Bank increases repo rate by 75 basis points to 5.50%
21 July 2022 - 15:07
By TimesLIVE
SA Reserve Bank governor Lesetja Kganyago will announce the repo rate on Thursday afternoon.
In May, the central bank hiked the repo rate by 50 basis points, the biggest margin in more than five years, to 4.75%, as food and fuel prices pushed consumer prices to the upper-end of the target range.
The higher repo rate means under-pressure consumers with credit cards, home loans and car financing will pay more to service their debts as they grapple with higher fuel and food prices. However, curbing rising inflation is crucial to cushion salaries of consumers.
TimesLIVE
Support independent journalism by subscribing to the Sunday Times. Just R20 for the first month.
READ MORE:
South Africa RECORDED | Repo rate rises to 4.75%, Reserve Bank governor Lesetja Kganyago announces 1 year ago |
South Africa Repo rate rise: Biggest hike in five years as Reserve Bank tries to curb inflation 1 year ago |