Three members of the monetary policy committee voted in favour of the 50 basis point hike, while two wanted a 25 basis point increase. On a new home loan of R2 million at the prime rate, the latest increase hikes the monthly instalment by around R680. Since November 2021, monthly payments on a R2 million home loan are almost R5 500 more expensive due to a raft of rate hikes.
Reserve Bank governor Lesetja Kganyago said that inflation pressures remain a risk and that load shedding is pushing up the cost of living. In February, headline inflation unexpectedly rose to 7% - the first increase in four months - due in large part to raging food prices. Food and non-alcoholic beverages annual inflation hit 13.6% - the highest level since April 2009.
Apart from local inflation, the local monetary authorities must also keep track of US interest rates, which have seen aggressive hikes. The gap between US and South African interest rates can't widen too much, otherwise foreign investors – who are on the hunt for solid interest rates - will shun rand-based assets. This will put more pressure on the rand, which is already one of the worst currency performers this year.
_Business The okes print money to infinity causing inflation then pretend to control inflation by raising rates when real inflation is way higher. The real plan is to crash the economy and implement their worthless central bank digital currency. No thx we going gold backed wwg1wga
_Business The hand that reverses your recently celebrated salary increases. It’s a brutal trend by the government. It happens every time.
_Business I detest this Kganyago guy and his committee. They don't seem to care about the few remaining employed people in this country. They us to all drown
_Business Congratulations ANC voters. VoetsekANC
_Business It’s going to get worse you putin supporters. We can’t have growth without foreign investment
_Business It's time to go back home shame.
_Business New World Order agenda, increase tax increase food prices increase petrol etc To kill the middle class. Only two classes needed. The Rich and the Poor.
_Business Banyise CyrilRamaphosa, bakuthumile ukuthi ukhuphule yonke into... khuphula impela ke
_Business SA Reserve bank just decides to show us middle finger
_Business Sosial grant funding goverment is runnig out of money
_Business I speak for a slot of South Africans when I ask the question, what is your strategy on keeping money in people’s pockets with this interest hike, how is it benefiting the masses, and what is your POA on wage increases and tax break’s considering hikes in interest?
_Business Crime crime crime will be the solution to survive in the next few years, useless government we have
_Business The Minister of Banks must look into this!!
_Business This reserve bank does not must be nationalised. We can’t continue having private shareholders benefiting in the increase of the interest rate.
_Business Everyone is quiet about this nonsense because most of the black people are living in shacks, and whites people don’t pay too much as the black middle class. Why is this clown of a man increasing interest rate like this? Is the agenda to keep black middle clas poor
RonaMurdoch _Business These clowns have lost the plot,
_Business Slowly but surely strangling the citizens of this country...
_Business Mkwebane was insulted when trying to challenge this SARB today it shows us that we are the stupid one. We need serious change of their mandate because as for now, their mandate is destroy us.
_Business Funny part is that the five people don’t even feel the impact of their decision they are crusing nicely with millions in bonuses
_Business Soon you will get a letter that says ignore the letter the last letter we sent you here is the updated one....
_Business When i see this face i know ziyakhala
_Business Plus from Saturday also electricity is going up
_Business 'Things will be better under Ramaphosa '.
_Business Thisis because SA Reserve Bank allow banks to commit money laundering and they all benefit from it. Spending money they don't have and making SQ citizens pay for it ... Welcome to SA where black people have affirmed white historic rhetoric
_Business Kuyaliwa
_Business SARB is doing nothing only rip us off,they can stop this under the Right Government or if they want to. * NOTE* : * One legal and effective way to to steal frm the Nation & keep it in Poverty is to keep raising interest rates..well they keep on doing itRe'mber President Lincoln
_Business This is pushing us to do a visit to phala phala this Easter, I have a feeling it would be worth while 😎
_Business ramalokot you must come and thank Ramaphosa. Your president is doing wonderful job dealing with middle class and make sure everyone is kept below poverty line.
_Business
_Business that's what happens if a country doesn't have a central bank but we have a foreign owned reserve bank which is controlled by Europeans
_Business We can’t live like this guys !!
_Business Now there buddies will by your repo house for nothing, they are fucking us , we need to stop this rape of the poor people, we need a revolution!!!!
_Business Whooping 50 banna😭😭😭
_Business Unfortunately, South Africa doesn't have smart and independent economists. Most of the economist talking heads are hirelings of major financial institutions, especially banks. They rejoice when there are more interest rate hikes while the workers are hurt.
_Business That’s it please MYANC, consider the nationalisation of the SARB as a matter of urgency. 5 people cannot really decide on our livelihoods without even consulting anyone. They are becoming arrogant and greedy now. Even the so called analysts& economists couldn’t foresee this one
_Business Number 1 is working the money out of everyone. He knows how to squeeze his ppl.
_Business Thats what happens if you select a kak GOV by people not paying bonds and stand for hand outs while the real people working in this country and paying taxes are screwed over....thats why go vote against this useless GOV in 2024 or most of us will be losing properties.
_Business Bad news to all South Africans paying more because of our instability of electricity crisis plus lack of leadership in the politics spectrum… something is going to give CrisisInLeadership
_Business New Dawn
_Business I was insulted when I asked if the SARB has one tool in their toolbox to address rising inflation, no innovation, nothing.
_Business We gonna end up stealing like these politicians 🥹🥹
_Business Can they all be lined up against a shooting wall. Now?
_Business Poken bokse. Word wakker en ruik die koffie
_Business Lesetja ke bloody fool. This SARB must be nationalized and mandate changed
_Business My landlord after his bond goes up…
_Business Where's Moody's?
_Business If you continue to vote ANC you are not allowed to complain.
_Business This is just scary for us that still need to enter the market for a home 😢
_Business We need a commission of inquiry into this bank’s decision 🤔
_Business i will always be thankful to God for giving me a reliable source no more lost,. through Brandonkaren11 Bitcoin mining investment platform
_Business Somebody stop them !!!
_Business Kganyago guy and team are on some serious drug!
_Business This is shocking 😳 😐
_Business
_Business Viva
_Business Keep on scoring own goals, we are coming for y'all in 2024. Bloody vultures
_Business WMC at play, America did not increase the repo rate, so why did SARB increased it?
_Business Too little too late. Inflation is out of control as the banks & retail stores handed out credit as if their is no tomorrow. Debt quite rightly so now, biting the heavily indebted in the ass! You cant stimulate the economy with debt!
_Business Va hi lava hi file straight 😭
_Business SAReserveBank 🖕🖕
_Business Again haibo 😭
_Business The bank can come fetch their cars and property (my room at home is idling amd mom loves me). 🥺
_Business This is just crazy, he is practical destroying middle class, do they realised that South Africa is not doing well. They really destroying this country
_Business Typical easy excuse to milk the poor cash cow further into the ground
_Business Right...indlu iyaphuma ...its back to emakhaya manje kunzima💔
_Business This guy is killing the economy by terribly draining the majority poor to enrich the greedy few. It's bad economics. This copy and paste from the US is killing SA. Establish your own Central Bank, the ANC will not listen.
_Business Sisenkingeni la
_Business We are doomed to suffer under the African Nationalists Congress. Rich or poor, Black or White, doesn't matter, the suffering of the masses is nothing more than Control by the ruling party.
_Business Day light and blatant robbery! On what basis did the need arise to inflate to such an extent? We just had a hike 3 months ago! What is going on
_Business We literally following the US yet their unemployment is single digit numbers the lowest in many years.... wish we had a different stance on this, we need to know our place and challenges in the context of a Global economy....
_Business Interest rate se masepoes 50basis se mase poes en jah reserve bank se mase bloed poes
_Business The Reserve Bank is sending people to crime because most of us can't keep up with the BONDS and high cost of living, is the inflation target more important than the poor people in S.A?
_Business Whoever is deciding this nonsense is killing South Africa mxm msoon wakhe
_Business My home has gone up by R11000 in 18 months
_Business This one is worst than loadshedding
_Business Yuh
_Business We drown in debt.
_Business It election time baby!! Fak the people that suffers!!!
_Business Me to my bank as they’re drafting the letter to inform me of my updated instalment due to interest rate hike😒😒😒
_Business And the poor just get poorer, ya'll c*unts dont know what you doing to the little man, the economy and you just keep hammering the little man.
_Business KganyagoLesetja CyrilRamaphosa MYANC YOU GUYS ARE DESTROYING THIS COUNTRY. HOW DO YOU VALIDATE THIS INCREASE. SOUTH AFRICANS Cnt afford to live anymore. Put food oj the table and keep a roof over our heads. You are all a bunch of selfish R&R__ You all need to be fired.
_Business Monthly installment for our house has gone up by R7000 in 2 years.
_Business
_Business The greed is astonishing
_Business Just kill us
_Business It's becoming more and more difficult to live in this country.
_Business We need a shutdown. This is too much
_Business
_Business Do they not realise if they stifle consumers to the point that they don’t buy goods it negatively affects the economy. You cannot kill commerce and think it’s going to save us from inflation.