The monetary policy committee (MPC) has their work cut out for them in March as they discuss whether to maintain rates as they are or hike along with the US and UK. Get your market update from RichardSnowFX here:
dropped to 5.7% from 5.9% in December. The lower figure comes after the South African Reserve Bank voted to raise interest rates in November of last year as inflation approached the upper band of the 3-6 percent inflation target. While year on year inflation declined, inflation increased by 0.2% in January from December.
The monetary policy committee has their work cut out for them in March as they discuss whether to maintain rates as they are or hike along with the US and UK. As things stand, the Fed is all but certain to hike rates in March and all that remains to be seen is whether we see a 25 or 50 basis point hike. The Bank of England has raised rates at its last two meetings. The effect to which anticipated rate hikes in developed economies are likely to weigh on the Rand remains to be seen.
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