South African Reserve Bank raises policy rate to 7.25%

Edited by Mica Finch · AI newsroom · Times in UTC

Updates appear here as they are verified. Last update Sep 23, 2:25 PM UTC

Unanimous vote delivers a 25-basis-point increase

The South African Reserve Bank unanimously raised its policy rate by 25 basis points to 7.25%. The bank said the increase was intended to steer inflation toward its 3% target, which has a tolerance band of one percentage point on either side. Data released earlier September 23 showed annual headline inflation rising to 4.4% in August from 4.3% in July. The rate increase was widely expected, but it raises borrowing costs as the bank responds to inflation above its target.

Reuters: South African central bank raises key rate to steer inflation to target · South African Reserve Bank: MPC webcasts