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While it’s not quite at the high level it was this time last year, the contribution of South Africa’s agri sector to the country’s GDP is currently still very positive.
A combination of runaway inflation, tightening policy cycle by major global central banks, and uncertainty over the Russia-Ukraine war with its ramifications for commodity prices and economic growth forced the SARB’s hand to hike rates. Effective from the 22nd of July, the repurchase rate increases by 75 basis points to 5.5% per year.
The Monetary Policy Committee (MPC) decided to increase the repo rate by 75 basis points to 5.5%. Short term interest rates have now increased by 2% since the low of 3.5%.
In reaction to the South African Reserve Bank’s (SARB) decision to increase its repo rate by 0.75%, FNB will lift its prime lending rate by 0.75% with effect from Friday 22 July 2022.
What can retirement funds do to improve client-adviser engagement during members’ employment years?