South Africa
SARB expected to hike interest rates─── 12:29 Thu, 26 Jan 2023
PHOTO: iStock
The South African Reserve Bank (SARB) is expected to further increase interest rates on Thursday.
Analysts say the central bank won't back down just yet on its hiking cycle, which began in November 2021.
Inflation is slowly dipping, but at 7.2%, it remains well above the bank’s target band.
SARB's Monetary Policy Committee uses interest rates to curb inflation. Consumers were hit with consecutive rate hikes at every announcement last year.
The prime lending rate at retail banks is currently at 10.5%.
