The Reserve Bank's Monetary Policy Committee's hiked the repo rate by 75 basis points, which brings it to 6.25%.Reserve Bank governor Lesetja Kganyago says they want to prevent inflation from spiralling out of control.Economist Dawie Roodt believes the MPC won't hesitate to bump up the repo rate again in order to do this.
“I think that the Reserve Bank made the right decision. I believe 100 basis points would've been better but clearly, the Reserve Bank is putting its best effort into getting the inflation lower. “So soon as they increase the rate the sooner the inflation comes down and the sooner we can talk about lowering rates again. I'm in support of the Reserve Bank."
Source: Loan Digest (loandigest.net)
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