Sarb orders largest rate rise since 2002
MPC orders 75bp increase as currency weakens and inflation surges
The South African Reserve Bank ordered the largest rate increase in almost 20 years on July 21, adding 75 basis points to the policy rate. The rate now stands at 5.5%.
The five-member monetary policy committee unanimously backed an increase, but only three voted for a 75bp adjustment. One member was more hawkish, calling for 100bp, while another preferred a more dovish 50bp raise.
The last increase of this scale took place in September 2002. The July 21 rate rise is the fifth in a series of
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