The South African Reserve Bank accelerates policy normalization with a 75-bp interest rate hike

SOUTH AFRICA - Report 21 Jul 2022 by Iraj Abedian

The Reserve Bank’s Monetary Policy Committee (MPC) voted to hike the benchmark interest rate by 75 basis points, the second consecutive increase of an above-25 bp magnitude, following the conclusion of its fourth meeting of the year. As such, the repo rate has increased to 5.5% from 4.75%, while the prime lending rate also increased, to 9% from 8.25%. This decision was undertaken amid rising risks to the inflation outlook. So far since it began the process of policy normalization in November 2021, the Reserve Bank has raised interest rates by 200 bps.

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