JOHANNESBURG - Efficient Group chief economist, Dawie Roodt, says consumers should brace for another massive interest rate hike.
The South African Reserve Bank (Sarb) is expected to announce the interest rates on Thursday following a meeting by the Monetary Policy Committee.
The latest announcement comes amid attempts to tame inflation.
Roodt expects the reserve bank to hike the interest rates by 75 basis points or 100 basis points.
The five-member Monetary Policy Committee will spend the morning deliberating before making the all-important announcement later in the day.
It's understood that the reserve bank will mainly consider the country's runaway inflation, as well as other domestic factors.
On the international front, the interest rate decision made by the United States Federal Reserve is also expected to feature prominently in deliberations.
Despite expectations of a dramatic hike in South Africa, Roodt believes the worst is behind us.
"This is still an opportunity for the reserve bank to extinguish this inflation fire once and for all," Roodt said.
The country's repo rate currently sits at 5.5%, with the prime lending at 9%.
https://news.google.com/__i/rss/rd/articles/CBMiaGh0dHBzOi8vZXduLmNvLnphLzIwMjIvMDkvMjIvZWNvbm9taXN0LXJvb2R0LXdhcm5zLWNvbnN1bWVycy10by1icmFjZS1mb3Itc3Vic3RhbnRpYWwtaW50ZXJlc3QtcmF0ZS1oaWtl0gFsaHR0cHM6Ly9ld24uY28uemEvMjAyMi8wOS8yMi9lY29ub21pc3Qtcm9vZHQtd2FybnMtY29uc3VtZXJzLXRvLWJyYWNlLWZvci1zdWJzdGFudGlhbC1pbnRlcmVzdC1yYXRlLWhpa2UvYW1w?oc=5
2022-09-22 05:41:44Z
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