Cost of living is hurting economy, says Kganyago in defence of rate hike


The SA Reserve Bank raised borrowing costs at the steepest rate in two decades for a second consecutive time, returning the repo rate to its January 2020 level before the Bank unleashed an extraordinary stimulus to keep the economy afloat during the Covid pandemic.

The 75 basis point (bps) increase comes despite the Bank reducing its GDP growth forecast for 2022 from 2% in July to 1.9% following a second-quarter contraction…

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Publish date : 2022-09-22 20:45:00

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