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
-
U.S. Seeks Morocco Fertilizer Supply Amid Middle East Disruptions
05:59
-
Atlantic Lithium Targets $16.4 Million Raise for Ghana Lithium Project
05:58
-
Gabon Plans Data Center to Improve Timber Traceability
02:53
-
Gabon Plans Digital Data Center to Improve Timber Traceability
02:45
-
World’s first pre-commercial grid-connected wave energy farm launches in Mauritius
20:19
-
Cameroon’s Labogexp Wins BEAC Contracts for New Regional Branch Projects
19:09
-
Cameroon Waives Duties on Solar, Water, and Biomass Equipment to Spur Investment
19:07
-
Cameroon Customs launches mobile device duty system to recover lost revenue
19:03
-
BEAC to Cover IPO Costs for Four Firms to Revive Cemac Stock Market
18:47
-
Togo raises cement quality requirements to improve market standards
17:55
Togo parliament adopts WAEMU law against currency counterfeiting Bill defines offences including ...
Since its 2019 IPO, Airtel Africa paid Deloitte over $37 million in audit and non-audit fees,...
CCR-UEMOA presents mid-term review of private sector competitiveness efforts Reforms, AfCFTA trai...
World Bank announces $137 million to boost West Africa digital economy Program expands broad...
ECOWAS is proposing a regional digital platform for passengers to file and track complaints online...
The United States is exploring Morocco as an alternative fertilizer supplier amid Middle East disruptions. About 22% of U.S. fertilizer imports,...
Atlantic Lithium secured agreements to raise $16.4 million to fund development of the Ewoyaa lithium project in Ghana. Ghanaian investors could...
System to enable tree-level traceability from forest to export Reform targets data gaps, fraud risks, and weak sector oversight Gabon's government...
Seaturns launches 2 MW wave energy pilot in Mauritius Project tests grid-connected technology with potential expansion to 10 MW Initiative reflects...
Event highlights growing role of diaspora entrepreneurs across multiple sectors Networks support trade, investment and SME...
Afreximbank launches Impact Stories season two highlighting trade-driven transformations Series features projects across Africa and Caribbean, from...