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Reserve Bank hikes repo rate by 50 basis points
The South African Reserve Bank has increased the repo rate by 50 basis points to 7.75 percent.
JOHANNESBURG - The South African Reserve Bank has increased the repo rate by 50 basis points to 7.75 percent.
This now brings the prime lending rate to 11.25 percent.
The sharp increase comes in the wake of high inflation.
Power cuts contributed to the MPC's to hike rates, adding 0.5 percent to overall inflation.
SARB Governor Lesetka Khanyago says economic and financial conditions are expected to remain volatile.