On Tuesday, the South African Reserve Bank released its Monetary Policy Review, which it covers domestic and international developments that affect the monetary policy stance over the past year, and in months to come.The May 2022 meeting of the Monetary Policy Committee was held against the backdrop of the devastating floods in April.
Domestic growth was revised slightly lower for 2022 due to persistent load-shedding, amongst other factors. The central bank expects the continuous power cuts to decline economic growth by at least one percentage point.Kganyago explained that higher-than-expected inflation had pushed major central banks to accelerate the normalisation of policy rates, tightening global financial conditions and raising the risk profiles of economies needing foreign capital.
Higher inflation and interest rates increase the risks for many economies – developing, emerging and advanced – with higher debt levels post-Covid19.It’s been a tough year for global communities and South Africans alike, and it seems like economics will not be making its way out of the woods just yet.
Source: Financial Digest (financialdigest.net)
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