SARB hikes interest rates by 0.75%

The Reserve Bank's monetary policy committee (MPC) has voted to increase the repo rate by another 75 basis points to 5.50%, with effect from the 22nd of July 2022. This is the biggest hike since September 2002, when the repo rate was hiked by 100 basis points amid an emerging market crisis.

As a result of the hike, the prime lending rate will rise to 9.00% from 8.25%.

Read the full MPC statement

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