Business and Technology
South Africa Joins Rate Hike Round
South Africa's central bank on Thursday raised its benchmark interest rate by three-quarters of a percentage point to 6.25 percent in a bid to fight inflation. The move follows interest rate hikes by a number of other nations in recent days.
The rate hike follows a similar 0.75 percent boost in July -- the highest in a decade.
That, as inflation soared to 7.8 percent in July, near a 13-year record high.
The South African Reserve Bank, in announcing the hike, voiced concerns over high inflation and weak economic growth.
"The Monetary Policy Committee decided to increase the repurchase rate by 75 basis points to 6.25 percent per year," bank governor Lesetja Kganyago said.
"The level of the repurchase rate is now closer to the level prevailing before the start of the pandemic," he said.
The move is the fifth rate hike in a row.
