A rate hiking cycle is upon us … now what?
As 2016 gets into full swing, interest rates are again on everyone’s lips. Not, however, those in the United States, which dominated market speculation for most of 2015. This time it’s closer to home as the South African Reserve Bank comes under pressure to raise rates to protect the battered rand, which fell by 6% in the first two weeks of the year, breaching R18 to the US dollar before bouncing back to the top end of R16 by mid-month.