The South African Reserve Bank (SARB) this afternoon hiked its repo rate by 75 basis points.

This brings the repo to 5.5% and the prime rate to 9%.

This is the biggest hike since September 2002, when the repo rate was hiked by 100 basis points amid an emerging market crisis. The latest interest rate hike follows a painful inflation number that was released on Wednesday: consumer inflation in South Africa reached 7.4%, the highest level in 13 years.

The Bank of Namibia (BoN) closely follows the monetary policy stance of the SARB.

The BoN’s next interest rate announcement is on 17 August.

The repo rate in Namibia currently stands at 4.75%, while the prime lending rate of local commercial banks is 8.5%. – Own report and Fin24

The South African Reserve Bank (SARB) this afternoon hiked its repo rate by 75 basis points.

This brings the repo to 5.5% and the prime rate to 9%.

This is the biggest hike since September 2002, when the repo rate was hiked by 100 basis points amid an emerging market crisis. The latest interest rate hike follows a painful inflation number that was released on Wednesday: consumer inflation in South Africa reached 7.4%, the highest level in 13 years.

The Bank of Namibia (BoN) closely follows the monetary policy stance of the SARB.

The BoN’s next interest rate announcement is on 17 August.

The repo rate in Namibia currently stands at 4.75%, while the prime lending rate of local commercial banks is 8.5%. – Own report and Fin24