The South African Reserve Bank (SARB) has announced a further 0.5% interest rate hike.
SARB governor Lesetja Kganyago said in a statement today (Thursday) that the bank had to balance growth constraints with inflation, which was being pushed by rising food prices.
This hike takes the repo rate to 6.75 % and the main lending rate from 9.75 % to 10.25%. Kganyago said the inflation rate was now expected to average 6.8% in 2016 and 7% in 2017.
