South Africa: Central Bank increases prime interest rate for the first time since March 2016
Friday, 23 November 2018 14:58
On November 22, 2018, the South African Reserve Bank increased its prime interest rate by 25 basis points to 6.75% to try to stop the steep rise of inflation.
This is the first increase of the prime rate since March 2016.
"The weaker exchange rate and the impact of higher oil prices have contributed to inflation since March 2018. At the same time, domestic growth remains weak", the Monetary Policy Committee (MPC) indicated.
"[…] Delaying the adjustment could cause inflation expectations to become entrenched at higher levels and thus contribute to second round effects, which would require an even stronger monetary policy response in the future", the committee added.
According to Statistics South Africa, inflation rose from 3.8% in March 2018 to 5.1% in October 2018. Despite this rise, it is still within the 3%-6% range set by the Monetary Policy Committee.
Additional Info
- communiques: Non
- couleur: N/A
Live News
-
Tunisia rolls out smart grid pilot to improve power reliability
21:15
-
Afreximbank Raises $2 Billion After Fitch Break, Revealing Diverging Views of Risk
21:10
-
Burkinabe-Led Vista Group Expands Into Central Africa With Chad Bank Acquisition
20:34
-
France Flags Payment Delays as Risk to Investment Climate in Cameroon
20:29
-
Cameroon Courts U.S. Investors Despite AGOA Exclusion
20:14
-
Cameroon Looks to Poland to Advance Transport Infrastructure Plans
20:05
-
AGL Cameroun Invests CFA2 Billion to Boost Port and Logistics Capacity
19:57
-
Zambia Expands Digital Learning Drive to Fix Gaps in Education System
19:52
-
Zambia Signs 100 MW Wind-Solar Agreement as It Seeks to Diversify Power Supply
19:12
-
Togo launches support program for 115 cooperatives with GIZ backing
16:45
Firms move beyond payments toward integrated SME platforms Services include invoicing, inve...
The BCEAO now allows UEMOA citizens abroad to open CFA franc accounts under the same conditions as...
Novo Nordisk cuts Wegovy prices in South Africa amid competition Move targets rival Eli Lil...
ECOWAS, Energy China discuss regional power infrastructure cooperation Talks cover $36.3...
First investor town hall since 2021 signals renewed engagement with markets Authorities hi...
Weeks after cutting ties with Fitch following its downgrade to speculative grade, the African Export-Import Bank raised a record amount on the syndicated...
Government deepens partnership with UNICEF to expand digital learning Low literacy and school access highlight urgency of reform Technology seen as...
Zambia signs PPA for 100 MW hybrid wind-solar project Project supports diversification away from hydropower dependence Expansion of renewables aims to...
By Diaka Camara, journalist, producer, founder of CBC Worldwide Com & Prod, and president of the Diaka Camara Foundation. I still remember returning to...
The Bijagos Archipelago, located off the coast of Guinea-Bissau, stands as one of West Africa’s most extraordinary island systems. Made up of around forty...
RFI confirmed the end of “Couleurs Tropicales” following Claudy Siar’s departure after 31 years. The move follows a series of high-profile exits...