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S/Africa’s central bank raises repo rate by 25 basis points

South Africa’s repo rate has been increased by 25 basis points for the first time in nearly three years, the South African Reserve Bank (SARB)’s Monetary Policy Committee (MPC) has said.The increase would see the repo rate pegged at 3.75 percent per annum, according to SARB governor Lesetja Kganyago who chaired the MPC meeting on Thursday.

Kganyago said the MPC expected inflationary pressure to increase, while the level of policy accommodation would remain high.

“Against this backdrop, the MPC decided to increase the repurchase rate by 25 basis points to 3.75 percent per year with effect from the 19th of November 2021,” Kganyago told journalists after the meeting.

The governor said given the expected trajectory for headline inflation and upside risks, the committee believed that a gradual rise in the repo rate would be sufficient to keep inflation expectations “well anchored” and moderate the future path of interest rates.

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