Repo rate goes up by 75 basis points
Reserve Bank Governor Lesetja Kganyago said inflation was still at a worrying rate, despite a decrease in 0.2% from July to August.
South African Reserve Bank governor Lesetja Kganyago. Picture: GovermentZA
JOHANNESBURG – The South African Reserve Bank has increased the repo rate by 75 basis points to 6.25%.
The increase has been widely predicted by economists as South Africa is among many nations where inflation has been increasing.
Reserve Bank Governor Lesetja Kganyago announced the new rate on Thursday.
He said inflation was still a major concern.
The annual iflation rate eased from 7.8% in August to 7.6% in July.