By Vuyani Ndaba JOHANNESBURG (Reuters) - The South African Reserve Bank is likely to leave its repo rate unchanged this year before kicking off a ...
Jake the Eastern Passage Rock Snake | SaltWireJOHANNESBURG - The South African Reserve Bank is likely to leave its repo rate unchanged this year before kicking off a cutting cycle in early 2024, chopping 25 basis points in every quarter as inflation slows closer to its comfort level, a Reuters poll found.
In a survey conducted in the past week, 17 of 20 economists predicted the repo rate would be kept steady next month at 8.25%, with 16 of them seeing no change again in November. Two economists predicted a September hike of 25 basis points while the other one saw a 50 basis points lift. Investec chief economist Annabel Bishop said the United States is expected to cut interest rates next year and the SARB is expected to do the same, potentially from Q1 24 for South Africa's repo rate.
A sister poll suggested the U.S. Federal Reserve is likely done raising interest rates and a slight majority of economists surveyed now expect the central bank to wait at least through end-March before cutting them.
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