Sarb raises rates for first time in 17 months

Photo: Elske Photography

The South African Reserve Bank’s monetary policy committee voted by three to two to raise its policy rate by 25 basis points today (November 18).

The MPC cited “the expected trajectory for headline inflation and upside risk” as its reason for raising the rate to 3.75%. The two dissenting MPC members wanted to keep the rate unchanged.

The Sarb had maintained its policy rate at 3.5% since June 2020, after lowering it from 6.5% in a series of cuts starting last year.

The MPC consists of the

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