Kganyago says 50-point rate hike in July an option

South Africa’s central bank may consider raising its benchmark interest rate by half a percentage point for a second consecutive meeting in July, Sarb Governor Lesetja Kganyago says. The inflation rate in Africa’s most industrialised economy surged above the central bank’s target range for the first time in more than five years in May, raising the prospect of policy makers lifting the benchmark interest rate more aggressively this year.

Read: Price shock may spur biggest SA rate hike since 2002 While the baseline scenario is for rate increases of 25 basis points each at its next three meetings this year, the possibility of raising by 50 basis points next month is “not off the table,” Kganyago said in an interview with Bloomberg TV. He was speaking on the sidelines of the European Central Bank’s annual policy forum in Sintra, Portugal.

KganyagoLesetja Committed to destroying what's left of the economy.

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