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Unexpected aggressive rate hike announced at MPC meeting

30 March 2023

The South African Reserve Bank (SARB) hiked the interest rate by an unexpected 50 basis points (bps) to 7.75%, reaching its highest level since 2009.

Interest rate hiking contributes to expectation of slower commercial property market and mortgage lending in 2023

30 March 2023

The latest 50 basis point interest rate hike has a potentially limited dampening impact on the commercial property market strength.

Rate hike reaction

30 March 2023

“The surprise 50bps increase, resulting in a repo rate of 7.75%, comes at a time of renewed global volatility, with the strain in the banking sector in developed economies partly due to the post-pandemic interest rate hike cycle.

MPC – 30 March 2023

30 March 2023

The Monetary Policy Committee (MPC) decided to increase the repo rate by 50 basis points to 7.75%. Short-term interest rates have now increased by 4.25% since the low of 3.5%.

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