Interest rate hikes will keep coming until inflation is contained within its target range, says Lesetja Kganyago, the governor of the South African Reserve Bank ., Kganyago said that in light of inflation expectations creeping up slowly, it is the duty of the central bank to remain on top of it.
Summarily, inflation is expected to stay higher for longer, with 2023 expectations rising from 5.9% to 6.1%.will meet next week to consider what is in store for interest rates in South Africa – with a final decision to be announced on Thursday, 26 January. “We have seen inflation go up like a rocket and down like an escalator ,” said Kganyago. “We need to see it within the target range .”
Kganyago said that the Reserve Bank has run a prudent monetary policy framework through the tumultuous economic period and thus gradually assisted the country in recalibrating policy.
Source: Loan Digest (loandigest.net)
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