The South African Reserve Bank has increased the repo rate by 50 basis points to 7.75 percent. This now brings the prime lending rate to 11.25 percent. The sharp increase comes in the wake of high inflation.
Power cuts contributed to the MPC’s to hike rates, adding 0.5 percent to overall inflation.
SARB Governor Lesetka Khanyago says economic and financial conditions are expected to remain volatile.
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In other news – Prince Kaybee is in Serious Trouble
Prince Kaybee gets dragged after giving his opinion on Brenda Fassie’s song, Special Weekend. The musician is known to be outspoken and he decided to give out his truth which he knew would land him in trouble.
Taking to Twitter, the DJ said the late singer could have done better with the lyrics of the song as it has a great beat. Learn more