This, following the US Fed’s increasing interest rates by 25 basis points, and the European Central Bank, moving by the same margin this week.
Dr Azar Jammine, chief economist at Econometrix, says if South Africa doesn’t increase its interest rates in line with international markets then the country losses out on rand denominated bonds which are useful to inject money into the economy. The local currency has been under serious downward pressure, trading as low as R18.40 against the dollar recently.
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