{"id":20005,"date":"2022-05-20T16:16:30","date_gmt":"2022-05-20T16:16:30","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/sa-hikes-interest-rates-again"},"modified":"2022-05-20T16:37:34","modified_gmt":"2022-05-20T16:37:34","slug":"sa-hikes-interest-rates-again","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/sa-hikes-interest-rates-again","title":{"rendered":"SA hikes interest rates again"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>INTEREST rates have gone up by 50 basis points today in South Africa, and local economists warn that Namibians should expect a similar slap from the Bank of Namibia around mid-June.<\/b><\/p>\n

Announcing the increase yesterday, South African Reserve Bank governor Lesetja Kganyago said hiking the benchmark interest rate to 4,75% was necessary to contain inflation that is estimated to average at 5,9% this year.<\/p>\n

The increase, effective today, will have South Africa’s prime rate at 8,25%, some 25 basis points above Namibia’s 8%.<\/p>\n

Kganyago said the increase of the interest rate was unavoidable, but the deciding cluster chose different variations.<\/p>\n

Four members of the committee preferred the announced increase and one member preferred a 25 basis point rise in the repo rate.<\/p>\n

Kganyago said higher than expected inflation has pushed major central banks to accelerate the normalisation of global policy rates, tightening global financial conditions.<\/p>\n

The governor added that the war in Ukraine, which has pushed prices up, was likely to persist for the rest of this year and may have significant further effects on global prices.<\/p>\n

He said the war had impaired the production and trade of a wide range of energy, food and other commodities, and will continue to do so for some time.<\/p>\n

Reacting to the announced increase, Simonis Storm Securities analyst Theo Klein said it was expected, mainly because of the Forward Rate Agreement curve priced in a 50bps hike.<\/p>\n

\u201cInterest rate differentials between the United States and South Africa is one of the reasons leading to a weaker rand. With inflation still driven by supply side factors (which interest rates cannot influence), we see the rationale for interest rate hikes due to rand weakness. We see the Federal Reserve System’s rate hikes outpacing hikes in South Africa, and we can continue to see a weaker rand. Since a weaker rand is inflationary in itself, the South African Reserve Bank would want to hike rates to contain rand depreciation,\u201d he said.<\/p>\n

Both Hei and Klein said come 15 June, when the Bank of Namibia’s committee will sit, there should be an expected 50 basis points increase in the benchmark interest rate, pushing the prime rate to 8,5%.<\/p>\n

Hei said times are difficult, and daily standards of living are going up, with personal disposable income constantly being eroded.<\/p>\n

Namibia’s inflation was at 5,6% at the end of April, and analysts have said consumers should expect further hikes. And with these hikes in prices, analysts have also warned that the Bank of Namibia will not provide any shield, and interest rates at benchmark rate could hit 5,5% by the end of this year, pushing the prime rate above 9%.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. INTEREST rates have gone up by 50 basis points today in South Africa, and local economists warn that Namibians should expect a similar slap from the Bank of Namibia around mid-June. Announcing the increase yesterday, South African Reserve Bank governor Lesetja Kganyago said hiking the benchmark interest rate to 4,75% was necessary […]<\/p>\n","protected":false},"author":84,"featured_media":20004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-20005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nSA hikes interest rates again - Namibia<\/title>\n<meta name=\"description\" content=\"INTEREST rates have gone up by 50 basis points today in South Africa, and local economists warn that Namibians should ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/sa-hikes-interest-rates-again\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SA hikes interest rates again\" \/>\n<meta property=\"og:description\" content=\"INTEREST rates have gone up by 50 basis points today in South Africa, and local economists warn that Namibians should ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/sa-hikes-interest-rates-again\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-20T16:16:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-20T16:37:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/05\/postQueueImg_33-6287c3bdbaead.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"454\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sa-hikes-interest-rates-again#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sa-hikes-interest-rates-again\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"SA hikes interest rates again\",\"datePublished\":\"2022-05-20T16:16:30+00:00\",\"dateModified\":\"2022-05-20T16:37:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sa-hikes-interest-rates-again\"},\"wordCount\":450,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sa-hikes-interest-rates-again#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/05\/postQueueImg_33-6287c3bdbaead.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/sa-hikes-interest-rates-again#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sa-hikes-interest-rates-again\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/sa-hikes-interest-rates-again\",\"name\":\"SA hikes interest rates again - 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