Interest rate hike

While there is still a positive outlook for South Africa's agriculture sector, the increase in the South African Reserve Bank' (SARB) repurchase rate (repo ...

“This was the best way to manage the rand. This means that commercial banks’ prime lending rate will increase to 8,25%. The repo rate is the rate at which the SARB lends money to commercial banks.

Announcing the increase yesterday, South African Reserve Bank governor Lesetja Kganyago said hiking the benchmark interest rate to 4,75% was necessary to ...

Namibia's inflation was at 5,6% at the end of April, and analysts have said consumers should expect further hikes. “Interest rate differentials between the United States and South Africa is one of the reasons leading to a weaker rand. Since a weaker rand is inflationary in itself, the South African Reserve Bank would want to hike rates to contain rand depreciation,” he said.

Carl Coetzee, the chief executive of bond originator BetterBond says that while the latest repo rate hike of 50 basis points will have an impact on monthly ...

Mortgage originator, Ooba also reported that 60% of its approved mortgage bonds in the first quarter were above the R1.5 million price level. Most importantly, according to Dyer, banks are continuing to offer extremely competitive interest rates on home loans. Overall confidence in the property market is higher than it was at the end of 2021, with the sentiment towards buying property increasing marginally.

It took a rate hike of a magnitude not seen in more than six years to put South Africa's currency back among the emerging-market currency winners.

A majority of economists surveyed by Bloomberg had predicted a cut by five to 10 basis points. Traders still hold historically high net-long positions, meaning contracts betting on rand gains against the dollar outweigh wagers on declines, Commodity Futures Trading Commission data show. The lower rate will be applied to new mortgages immediately, while existing mortgages won’t be repriced until next year at the earliest.

Cape Town —. Biggest Interest Rates Hike Since 2016 Announced. The Reserve Bank's monetary policy committee has increased the repo rate by 50 basis points ...

This case follows an incident at student residence Huis Marais, where a white student urinated on the desk, books and laptop of a black student. According to reports, the levy was cut by R1.50 a litre for April and May as government sought to relieve the economic stress of surging fuel prices. A surge in the price of foodstuffs and electricity is adding to household woes. A Stellenbosch University student who was arrested on May 19, 2022 is accused of the rape of a first-year student on campus. Question now is whether the government will listen when South Africans call for the minister's firing! The ruling African National Congress's rude awakening at the local government elections in November 2021, seems to be reason enough for them to think that they may lose over 50% of the vote in the 2024 elections.

South Africa's rand was little changed on Friday, holding on to most of the gains made in the previous session after the central bank announced its biggest ...

Register now for FREE unlimited access to Reuters.com Its shares dropped almost 13% on the JSE amid investor fears the $55 billion owner of brands such as Cartier and Mont Blanc would post poor sales number in the coming months. South African billionaire Johann Rupert, chairman of Richemont, cautioned on Friday that China's recovery will be slower than expected. Register now for FREE unlimited access to Reuters.com Register now for FREE unlimited access to Reuters.com read more

Economists at the Bureau for Economic Research (BER) warned in a research note that the May increase could be larger than previously forecast.

This is never a good sign, especially in the current uncertain financial climate, and points to the level of desperation people are experiencing. It’s inevitable that such a sharp increase will, once again, drive up the price of basic food stuff, leaving even more South Africans' food vulnerable. IN South Africa, almost 20 million people go to bed hungry each day, and 30 million run out of money every month, making it difficult to put food on the table.

The South African Reserve Bank's Monetary Policy Committee (MPC) announced to hike interest rates by 50 basis points - taking the repo rate to 4.75% per ...

However, only modest downward revisions to its 2022 GDP forecast (-0.3pp to 1.7%) and its maintenance of growth at 1.9% in outer years, implies that it believes the economy is more resilient than we expect. This while its food price estimate of 6.6% for this year is also likely to prove too tame, we think). The fact that the Sarb sees “upside risks” to what we think is an already optimistic inflation backdrop (which already sees inflation only coming back towards its target midpoint a year later than originally estimated) is telling on its likely future reaction function. Its assertion that the risks to the growth outlook are “balanced” given the increasingly nuanced global-growth backdrop is interesting and indicates a central bank that is more focused on incipient inflation risks right now rather than a still opaque global-growth backdrop. (We currently see CPI peaking closer to 6.8% in Q3 and averaging 6.2% in 2022 - but with growing upside risks as SA fuel prices now look set to climb by 16% m/m in June alone. Nonetheless, we maintain that its view that inflation will peak out at 6.3% in Q2 this year (and average below 6.0% in 2022) remains optimistic where larger and longer peaks above its upper 6% range seem more likely than not to us in Q2 this year.

South Africa: The South African Reserve Bank voted on May 19 to raise the benchmark interest rate 50 basis points, to 4.75%. Four members of the five-member ...

You may share this content using our article tools. You may share this content using our article tools. If you would like to purchase additional rights please email [email protected] If you would like to purchase additional rights please email [email protected] Each of the previous three increases was of 25 basis points. Please contact [email protected] to find out more.