The South African Reserve Banks Sarb monetary policy committee MPC has agreed to a 25 basis point repo rate hike to 7.
This comes after consumer price inflation for April surged to 4 amid geopolitical tensions and related shocks.
Sarb governor Lesetja Kganyago said the MPC sought to manage risks and ensure that inflation recedes to the 3 target. Briefing reporters after the MPC meeting in Pretoria on Thursday, Kganyago said while a hike was coming, the policy stance was less restrictive than it was in March.
