The South African Reserve Bank’s MPC on Thursday announced that they will increase the repurchase rate by 75 basis points to 5.5% per year. This decision is set to take effect on the 22nd of July 2022. Previously the Monetary Policy Committee set the repurchase rate at 4.75% per year.
This move is geared toward combating inflation in South Africa. The Monetary Policy Committee is mandated with conducting monetary policy in a flexible inflation context. In light of the current inflationary pressure all over the world, South Africa included, the committee has announced the increase in the repo rate.
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