Kganyago reiterates ‘hiking cycle’ as Sarb raises rates
Risks noted at previous MPC meeting are now materialising
The South African Reserve Bank (Sarb) is still in a "hiking cycle", governor Lesetja Kganyago said today (January 28), as the monetary policy committee raised its policy rate to 6.75%.
Speaking at a press conference, Kganyago noted the inflation outlook had "deteriorated significantly" over the past month, partly due to the "considerable" rand depreciation; the committee voted for a 50bp rise as a consequence.
"Three members supported a 50bp increase, two members preferred a 25bp increase, while
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