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The South African Reserve Bank raised its repo rate by 25 basis points to 3.75% from a record low, the first step in unwinding pandemic-era cuts. The vote split 3-2, and the bank raised its 2021 and 2022 inflation forecasts.
Governor Kganyago flagged elevated oil and energy prices as an upside inflation risk.
Higher South African rates support the rand by attracting yield-seeking capital, which lowers the local cost of dollar-priced feed imports. The split vote adds uncertainty about the pace of further hikes.
cnbc.comElliot SmithNov 19, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
