SARB Announces Repo Rate Hike
Written by Mfundo on 19 November, 2021
By: Bright Ntuli
South African Reserve Bank Governor Lesetja Kganyago has announced a hike to the repo rate.
The repo rate is the rate at which the reserve bank lends money to commercial banks in the event of any shortfall of funds. It is used by monetary authorities to control inflation.
It has been kept steady at 3.5% since July last year, and has been increased by 0.25% to 3.75%.
Kganyago says this is a result of an increase in inflation risks.
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