By Zuko Komisa
The South African Reserve Bank has announced that the repo rate has been raised by 25 basis points.
Lesetja Kganyago, the governor of the South African Reserve Bank, made this announcement on Thursday following a meeting of the Monetary Policy Committee (MPC).
The new prime lending rate is going to be 10.75%.
According to him, load shedding is having a negative impact on the economy, raising major concerns about growth.
“Economic and financial conditions are expected to remain more volatile for the foreseeable future. In this uncertain environment, monetary policy decisions will continue to be data dependent and sensitive to the balance of risks to the outlook.”
“The MPC decided to increase the repurchase rate by 25 basis points to 7.25% per annum with effect from the 27th of January 2023. Three members of the committee preferred the announced increase [while] two members preferred a 50 basis points increase,” he said.
The SA Reserve Bank's Monetary Policy Committee decided to increase the repurchase rate by 25 basis points to 7.25% per year, with effect from the 27th of January 2023. Read the full statement 👉🏿 https://t.co/xak9m6muea. You can also watch 👉🏿 : https://t.co/jXxTD5JGYR
— SA Reserve Bank (@SAReserveBank) January 26, 2023



