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PALI LEHOHLA | Repo rip tide: Reserve Bank shuns economic reality and keeps it in the family

The composition of the MPC of only Reserve Bank staff is fundamentally an embedded ‘incestuous’ relationship

24 July 2022 - 22:07

The governor of the Reserve Bank shocked the nation with the sharpest increase in the repo rate, from 4.75% to 5.5%. This comes against a steep hike in petrol and diesel prices. These are at R24 a litre, and when I last filled a tank, it emptied R2,500 from my already perforated pockets. The 75 basis points adjustments could have not come at a worse time. SA is in the dark from load-shedding, cold weather and soaring food prices. It comes at a time when the R350 SDR fund has not been paid for the months of April and May. Half of the beneficiaries of the SDR have now been left out as the nitpicking machine chases trivia matters.  ..

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