Kganyago surprises with a 50bps rate hike: Analysis

The South African Reserve Bank cut its main lending rate by 50 basis points to 7.75 per cent on Thursday beating market expectations of 25 basis points. In his speech, Central Bank Governor Lesetja Kganyago said risks to the inflation outlook are assessed to the upside. This is now the ninth hike in a row adding a total of 425 basis points to the repo rate since it began tightening policy in November 2021. Joining CNBC Africa for more are Maarten Ackerman, Chief Economist at Citadel Investment Services, Mamello Matikinca-Ngwenya, Chief Economist at FNB South Africa and Qhivi Tiva, Fixed Income Portfolio Manager at Prowess Investment Managers.