{"id":50603,"date":"2023-06-28T10:55:09","date_gmt":"2023-06-28T10:55:09","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-sees-interest-rates-higher-for-longer"},"modified":"2023-06-28T12:25:11","modified_gmt":"2023-06-28T12:25:11","slug":"kganyago-sees-interest-rates-higher-for-longer","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-sees-interest-rates-higher-for-longer","title":{"rendered":"Kganyago sees interest rates higher for longer"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa\u2019s central bank will keep monetary policy tight for longer to tame persistent inflation, Governor Lesetja Kganyago said. The central bank\u2019s monetary policy committee has raised the benchmark rate by a combined 475 basis points at its 10 past meetings with the aim of bringing inflation back to the 4.5% midpoint of its target range, where it prefers to anchor expectations.<\/p>\n

“What is in no doubt is that policy is going to have to remain tight for a little bit longer than actually the market had been pricing,” Kganyago said in an interview on Bloomberg TV on Wednesday.<\/p>\n

“And the reason has been that inflation has been more persistent than we had actually thought.”<\/p>\n

Last month inflation slowed more than projected to a 13-month low of 6.3%. Still, inflation has been above the South African Reserve Bank\u2019s target range for a year. The key repurchase rate stands at 8.25%, the highest level in 14 years.<\/p>\n

The governor said it is too early to say whether the MPC will follow the Federal Reserve and pause interest rate hikes at its meeting next month. For how long it will be higher is a function of whether inflation declines to target, Kganyago said.<\/p>\n

“If inflation declines to target and is sustained at target and thus inflation expectations become anchored then you would say that it is time to recalibrate policy.”<\/p>\n

Inflation is forecast to return within its target range this quarter or next, Kganyago said. “There are still risks to the inflation outlook and we have seen that inflation has been sticky, but we are confident that inflation is coming down.”<\/p>\n

Forward-rate agreements starting in a month \u2014 used to speculate on borrowing costs \u2014 show traders are pricing in a more than 63% chance of the MPC increasing the repurchase rate by 25 basis points on July 20.<\/p>\n

Of the 16 economists polled in a Bloomberg survey earlier this month, 10 expect the central bank to pause and the rest forecast a quarter-point hike.<\/p>\n

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

Africa-Press – South-Africa. South Africa\u2019s central bank will keep monetary policy tight for longer to tame persistent inflation, Governor Lesetja Kganyago said. The central bank\u2019s monetary policy committee has raised the benchmark rate by a combined 475 basis points at its 10 past meetings with the aim of bringing inflation back to the 4.5% midpoint […]<\/p>\n","protected":false},"author":84,"featured_media":50602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,1977,608,275],"class_list":["post-50603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-interest-rates","tag-sarb","tag-south-africa-2"],"yoast_head":"\nKganyago sees interest rates higher for longer - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s central bank will keep monetary policy tight for longer to tame persistent inflation, Governor Lesetja Kg ...\" \/>\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\/south-africa\/all-news\/kganyago-sees-interest-rates-higher-for-longer\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kganyago sees interest rates higher for longer\" \/>\n<meta property=\"og:description\" content=\"South Africa\u2019s central bank will keep monetary policy tight for longer to tame persistent inflation, Governor Lesetja Kg ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-sees-interest-rates-higher-for-longer\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-28T10:55:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-28T12:25:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/06\/sm_1687938695.755363.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1771\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\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\/south-africa\/all-news\/kganyago-sees-interest-rates-higher-for-longer#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-sees-interest-rates-higher-for-longer\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Kganyago sees interest rates higher for longer\",\"datePublished\":\"2023-06-28T10:55:09+00:00\",\"dateModified\":\"2023-06-28T12:25:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-sees-interest-rates-higher-for-longer\"},\"wordCount\":342,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-sees-interest-rates-higher-for-longer#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/06\/sm_1687938695.755363.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"interest rates\",\"sarb\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-sees-interest-rates-higher-for-longer#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-sees-interest-rates-higher-for-longer\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/kganyago-sees-interest-rates-higher-for-longer\",\"name\":\"Kganyago sees interest rates higher for longer - 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