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We at SARB are committed to protecting South Africans’ incomes: Kganyago – SABC News

South African Reserve Bank (SARB) Governor Lesetja Kganyago says a larger-than-expected 75 basis-point rate hike is intended to rein in resurgent inflation.

Stats SA said on Wednesday that consumer inflation rose to 7.4% – well above the bank’s target of 3% to 6%.

The Monetary Policy Committee (MPC) decision is the steepest increase since September 2002.

It puts South Africa’s repo rate at 5.5% and the prime rate at 9%.

Kganyago says the increase is necessary to protect South African incomes.

“You can be assured that the South African Reserve Bank is determined to act against rising inflation. We also hear the cries of South Africans at the rising prices. We hear South Africans screaming that inflation is eroding their incomes,” says Kganyago.

“We, as the South African Reserve Bank, are committed to protecting the incomes of South Africans. The steps we have taken so far to tackle rising inflation show our determination,” said Kganyago.

The video shows the South African Reserve Bank interest rate decision:

We at SARB are committed to protecting South Africans’ incomes: Kganyago – SABC News

Source link We at SARB are committed to protecting South Africans’ incomes: Kganyago – SABC News

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