The monetary policy committee raised the benchmark repurchase rate by three-quarters of a percentage point Sept. 22.
While the pace of tightening reflected upside risks to the inflation outlook, an environment of heightened uncertainty with rising costs and domestic price pressures that have “intensified sharply” mean policymakers may still need to raise interest rates to “levels that are consistent with a stable and lower inflation rate,” it said.
The South African Reserve Bank responded to the worst global inflation shock in a generation quicker than several of peers and has raised the policy rate by 275 basis points since November. Its modeling implies year-end rates of 6.36% in 2023 and 6.76% in 2024. Governor Lesetja Kganyago has repeatedly said the model is simply a broad policy guide.The central bank prefers to anchor inflation expectations close to the 4.5% midpoint of its target range.
Reforms aimed at alleviating South Africa’s energy crisis could raise real private investment in the energy sector by as much as 15% per year from 2023 to 2025 and raise economic growth by about 0.9 percentage points over the first year, the central bank said.
Aowa ho ho
Good for pensioners who are losing money on investments and can’t keep pace with rising costs, for example the insanely high cost of petrol. From R12.50 in 2018 to R22.95 today!!
They have gone crazy now just like their father Ramabillion
Taxing us beyond a point of bankruptcy ?
Erode the middle class Ramaphosa is Klass Schwab acolyte hence he and his boys are implementing a sequenced collapse of our economy… loadshedding, high intrest rates, high inflation and fuel rates and hope for uprising and mass looting and chaos… all part of their global plan
Offcourse ... The corrupt need to pay their Range Rovers
Another house nxgga this one, kaak net.
Although I do prefer a higher interest rate, I fail to see how it will benefit the country. This will start killing SMEs, sending households over the edge. Yes, some people over finance. But to control them you cannot do this. And don't compare SA to other countries.
Ehhh va penga!
This guy is useless
Hay basifuna sifile alok ngok
ITOnlineSA This man is a problem
They want us dead really. How are we expected to survive?
Again?
WTF for!!
Can Someone please stop Lesetja ✋️ 😫
SAReserveBank STOP STEALING!!!
Emang pele ....
Ay.... From worse to worse..... We are in sh*t in SA
We are finished 🤒
Yes to fund the luxury of selected few.
Water restrictions, Loadshedding, fuel is expensive, basic food items expensive, We not making millions barely making ends meet each month. Must we loose our house as well? How do we survive? This is the problem with S.A, and yet the rich are richer and the poor dying!!
That will really make the R350 go further!!!
ANC voters take it with a smile as this is what you voted for .
😩😩😩😩😩 we can’t go on like this guys
Hurrah....thank you.
Again
We are paying for the 350 billion recently received by Rampompo and of course the COVID loans.
We're seeing far richer countries crush their citizens by doing this. Maybe we shouldn't just be doing what they're doing without any thought...
U know what they might as well take our homes and all this is rubbish
Mandate of SARB, ensure the rich get richer and the poor poorer.
😳😳😳
People are unemployed 😅
The one who carry a sword know how to kill.
Ai ja just kill the people, load shedding, water shedding,grocery prices going up, interest rates. Do you need our blood as well
The country will burn eventually. The politicians are busy poking the bees and gathering firewood for a hearth they will never stand next to once the inferno starts. The daily escalation of crime is already a pointer that the public will come for the heads of these politicians.
Ja neh 💔
Wow... Way to suppress the working class even more
🙆♂️
This is ridiculous. The inflation we're experiencing is not from public overspend, but from international issues. They keep using the same methods to reduce inflation when it's clearly not going to work this time. They need to come up with a plan b. Its difficult to survive.
Where is Rob Hersov to say something about this? Maybe they will listen to him 🥲
Lesetja Kganyago is anti-Poor following IMF and other Western institutions
This people clearly dont care abt SA customers. It’s painful.
What need?
Crime about to shoot through the roof
These guys don't care that we are breathing through the wound.
Madness
Why not put it on 130% and kill all of us, use our bones as trees to print money
Let us watch capitalism fall to its best, we are Zimbabwe we just don't know it yet
Poverty!!!!
🚶🏾🚶🏾😹😹
Akasile lo baba
Time to revisit this useless policy..
They were instructed when they borrowed all that money. 'The hand that feeds you, controls you.'
tito_mboweni 's legacy
Nationalize this thing.
Wtf 😡 this is too much
The need? Who needs this hike, kanti when will we catch a break from these bloodsuckers?
Reserve Bank doesn't need to exist
Reserve Bank doesn't need to exist
Fckn ridiculous
Mase poes...
Yoohh aa hle
Washa
The effects of the last increase have not even set in yet we discuss another increase, how is this kante.
This is bad for the general public, they are on a mission to enrich further those who are rich and those who are poor to get poorer. These increases hit hard to make it difficult for others to be able to afford basic needs.
Here comes inflation 🤧
MPC has a certain member who wants 100bp hike 😂😂 welele
This is madness,
Fok
Otherwise up for sale is the next step...can't live in a house but be unable to maintain a daily life.
marete
It gets even worse every day. Is this the reserve bank pushing us to not have any debt?
JvanLogg This is tantamount to stealing from people strait
I wonder whose interest they are serving?
yoh
Good news for me debt free and lot of my investments are looking good, thanks SARB
Fuck…again ?
But we vaccinated kanti why nisbulala so
Ai tsek
The preacher man mselufu 😑😑
Yhoooooo
My house dropped value by 15% in the last 24 months. House is an investment? Nah. Dont dont dont
Why is it a need of theirs? What about our needs?
No no, now they've to talk to Ramaphosa, bond houses loan is becoming worse n worse
WTF
😳
Ao banna
👇
Agents of colonisers!
They will only stop once they have wiped out the so called middle class.
IMF and World bank will be the end of us🙆🏽♂️
This is madness.
Yhaa neh😪😪
Haibo this is madness 😠
Sinqumelwa egodweni now SARB is in war with us
WHAT? Take this 🖕🏾
Their plan. ISO20022
This is pure hogwash
Nationalise these criminal outfit and take the destiny of SA to the state and not private sector quarcks.
The Reserve Bank needs to chill.
I'm so f%$cked already, yet it's just gonna get worse.
Nationalize this useless bank and change it’s mandate. The bank must instead protect the socioeconomic wellbeing of citizens. The poor DO NOT eat inflation targeting.
Tsek reserve bank stop it now
I will say this again, no more middle class in South Africa.. either you will be rich or you will be poor. Not a need to raise interest rate whereas we are already struggling with the current increase, Reserve Bank want to see the nation bleeding.. they want to see us depressed
Hai! We need a gov with the necessary appetite to change the damn mandate. This narrow-minded policy based on an outdated theory is tiring and inconsiderate 🤯😭 SAReserveBank
Masimbakhe
Fok !! so how must we survive i struggled for 7 years to be debt free with only my house left i was forced to buy a car 2 months ago now i am regretting ky purchase back to suffering with high premiums and low salary increases... last 10 years has never been more than 3%
LOL ENOUGH
I suppose a protest wont change this decision
We don't have money, no increase in 2 years straight... Our assets are going to be repossessed hle, please come up with other ways to curb inflation 💔😢
Yoh safa
Do they ever consider a poor man on the street corner
This guys are really out to get us shame.
They can but they must be aware that it will put a further strain on the economy if not send to to recession. The US is already in recession due to that just that they haven’t admitted it
BuddyWells1 sesithembele kini
Ffs i cannot give any more 🤌🤌
They are full of shit these guys. Backed by this squeaky voice. They don't consider us ordinary people.
Webabo!!
Your busy building a new section in the reserve Bank don't you think that is unnecessary
Maye!🙆🏽♀️🙆🏽♀️🙆🏽♀️
To think I was about to apply for a bond earlier this year.... The cost of living is so unbearable as it is
Yoh again meaning we will pay debts until we die
JvanLogg No one wants interest rates to soar of they have debt (except those who can save). But the alternative is higher inflation... So what would work for you, higher inflation or higher interest rates?
Lesetja and his team are mad! This is all wrong, even a simple look at our economy shows that they are wrong to increasing rates.. We as the citizens are bleeding, hard pressed, it's not WORKING.. You are responding with tools that work for a well functioning economy!
Fakh this government
Of course they do, they were instructed to by their masters in the US. Lets not pretend here, if the interest rates go up in the US & EU, SA must do the same. Just as we must all have an energy crisis, a migrant crisis etc. Some of us see through the bs.
What the fuck? Can't they see, this whole contractionary monetary policy is not working?
_AfricanSoil Ayibooooo 🙉
This one is a poes
SARB has no interest in serving South Africans. They even fail to protect the currency from being devalued. Let's have a vote, do we need them?
This is crazy
Oh fuckoff. How much more do you want us to pay. It's getting stupid.
SARB is anti people.
Muskont
SAReserveBank is just another ANC cadre deployment entity. No benefit to the citizens of South Africa.
Bleeding every last drop of blood from hardworking taxpayers who don’t even get value for paying tax.
No please. For what.
SARB behind the curve as always - rate drops coming soon..
Waiting for the US to make the move
can the ANC just do as they wish. 2024 is not far. don't kuza them please
Love that Ramaphosa is showing them flames
Wow - It is getting worser and worser 💔
The MYANC hates us
SARS continue to reward people who do not take any physical activity in the economy, serving interests of those who have capital
AdvBMkhwebane Nankoke omunye! No peace in Mzansi
WtF dude
If I give you 5 liters of water to drink over 5 days, it would be fine But if I give you 5 liters of water to drink in 5 MINUTES, you'll probably choke It is the same with the economy Raising the interest rate too fast too much will choke it
Lesetja kganyago does not take us serious. We are poor and he want to make us more poorer
Bathong 😳
The last starw did not break the camels back. This is just a consequence of continous ANC failure in terms of theft, management, looting, corruption. Brown bread is now R20 a loaf. Electricity is now double for half. Trains are fcuked Transport is expensive. Now this🤬
So we are hellbent of killing of what is left of our credit markets just because of American self made problems?...this is outrageous...
This committee needs to be investigated and changed, they seem clueless when it comes to monetary policy
_AfricanSoil Heartless
They are just doing as they plz the, which policy in economics are they following that inform their monetary policy. Or its just a guessing game influenced by politics and PhalaPhalaGateFarm
Their disrespect is a direct result of our tolerance.
how about No
Oh fuck off💔
Why follow everything the USA does? Our economy is weak, salaries remain low whilst everything goes up. Breadwinners can bo longer feed their families. Another interest rate hike will be the death knell for many.
_AfricanSoil Dispite all the distractions we can see the negative impact the $$$ is having on almost every country.
venushomestylis Kammao country gng down
Thixo 🙆🏾♂️
These IMF and World Bank people want all to themselves and nothing for the rest. They are not compromising.
Mission yabo
That will further press the poor to spend less only the rich get richer!!!
Nah le batlo re bolaya struu
Jerrrr
He seen what De Ruyter gets away with. He seen what Cyril gets away with. Man said “Fuck it, I can also screw them with impunity “
South Africans let us stop the ANC government now before it's too late.
OUTASA Why ? Inflation is being created by government and Eskom
These ones they just follow the Fed, whatever the Fed do they do. Same old script let me tool.
blackkarl_za The working class to be more poorer.
Zuma must fall, Zuma must Fall so this is what he was requested to fall for😭😭😭😭
CoruscaKhaya Sometimes I feel the governess of SARB could be replaced by an algorithm that can determine the interest rate. It can't be that someone is paid so much for doing just that 😤😤😤
CoruscaKhaya
The last SARB act was revise and introduced in 1989, under apartheid’s rule, when we are not part of the global community
What madness is this.
Haybo!
Weeehhhhh
SAReserveBank your mission statement should be 'to make the rich richer and the poor poorer'. Your inflation targeting model could have surely been reviewed as the new context of Covid, War in Ukraine presented new dynamics. But anyway myopia keeps us here.
Yah neh talk about squeezing, life out
Zemka izindlu zabantu 😢
Re hwile la pitjana
💔💔💔💔