SA Reserve Bank governor, Lesetja Kganyago, on Thursday announced an interest rate hike, bringing it up to 7%.
This is the second interest rate hike announced since the year commenced.
702's Xolani Gwala spoke to The Money Show host, Bruce Whitfield, regarding the recent news.
Listen to the interview below:
It just means that money is more expensive. The prime lending rate up to 10.5% and the repo rate is 7%.— Bruce Whitfield, The Money Show host
The monetary policy committee of the Reserve Bank was split. They then had to have an open and honest discussion as to what the right thing to do was.— Bruce Whitfield, The Money Show host
They are cognisant of growth and they have to be seen to be doing something to battle the rate of inflation.— Bruce Whitfield, The Money Show host
They are concerned about growth, they are concerned about the rising cost of food and they said inflation is rising across the board.— Bruce Whitfield, The Money Show host