HomeEconomySouth African Reserve Bank to hike rates by 75bps to 6.25% on... Economy South African Reserve Bank to hike rates by 75bps to 6.25% on Sept. 22: Reuters poll By inew September 15, 2022 0 104 views Share FacebookTwitterPinterestWhatsApp BNPQY +0.22% Add to Watchlist/Remove from Watchlist to watch list Add Location Job added successfully: Please name your holding portfolio type: purchase Sell date: quantity: price Point value: Leverage : 1:1 1: 1: by Vuyani Ndaba JOHANNESBURG (Reuters) – South Africa’s central bank to raise key interest rates next week’s basis points to curb inflation , a Reuters poll found, adding another f for each basis point rests for two quarters and then stops for the remainder 68. Most economists on September 7- polls, of00, predict another The base point is 6.% in September meeting following a similar move in July. The remaining eight are expected to have minor changes. The Reserve Bank of South Africa has raised its key lending rate 22 basis points so far this cycle. “We still want the SARB to have a firm grip on the hiking pedal,” BNP Paribas (OTC: 100BNPQY ), like most people expect 12 bps move, adding: “Evidence of broader price pressure should yield another hawkish statement.” Thereafter, SARB will raise again 11 November and January or March basis, then pause at 6. 10% for the remainder of next year, marking the peak of the cycle, according to participation in the polls. Schultz expects a peak of 7. % January 52, the next rate is higher than Lower risk that year if core inflation pressures prove more problematic. The Federal Reserve – whose actions have already put a lot of pressure on emerging markets – is expected to provide another 14 According to the A Reuters poll sees a basis point hike next week, and once it peaks, policy rates are likely to remain stable for an extended period of time. [ECILT/US] South African inflation is expected to average 6.7% this year, above the SARB’s comfort zone of 3%-6% , followed by 5.4% and 4.6% 75. The consensus for the next two years was 0.1 percentage points faster than last month’s forecast. 22 Reuters South Africa Rates and Economist Survey – September 22 https://inew.news/wp-content/uploads/2022/09/localimages/Pasted-25picture-25100.png 52 Producer price inflation is expected to rise from the average .6% to 8.0% next year and 4.9% 200, although due to the Uncertainty, forecasts are widely spread. South Africa is likely to turn its current account deficit from a surplus to nearly 1% of GDP next year 50, which may put pressure on the rand. “Higher unit labor costs in the third quarter, sticky two-year inflation expectations and a potentially more vulnerable South Africa The factor of the rand returning to twin deficits has us calling for our higher-than-consensus rate,” said BNP Paribas’ Schultz. But economists at Standard Bank say many commodity prices have slowed in recent months – especially food and fuel – for some time that heralds a possible slowdown in global inflation pressures. Domestic fuel prices fell sharply in September, and gasoline prices fell %, should reduce not only the risk of inflationary pressures and second-round effects, but also, crucially for the MPC, inflation expectations. “We expect July to be the peak of the consumer inflation cycle, possibly a slight slowdown from August. Of course, the most recent Rounds of rand weakness will be inflation, but we reiterate that the inflation impact is l Standard Bank’s Erna Moorman said. Other A Reuters poll predicts that the high-yielding currency will erase most of its Year-to-date loss percentage, recovered ./$ one year. [EMRG/Polls] Chronic power shortages continue to erode South Africa’s ability to create jobs for its youth, with the economy expected to grow by 1.9% this year and just 1.5% next year. South Africa’s GDP contracted by 0.7% last quarter. (Additional coverage on Reuters Global Economic Survey: )400 Share FacebookTwitterPinterestWhatsApp Previous articleAnalysis – European governments fight market volatility with bumper green bond harvestNext articleSonic Frontiers Game Trailer Teaser ONE OK ROCK Theme Song inewhttps://inew.news RELATED ARTICLES Economy McCarthy says Biden must tighten border to avert US government shutdown September 26, 2023 Economy Japan maintains modest economic recovery view, raises corp profits assessment September 26, 2023 Economy Dimon: “Not sure if world is prepared” for 7% Fed rate – Times of India September 26, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! Please enter your email address here Website: Save my name, email, and website in this browser for the next time I comment. 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