South Africa Raises Repo Rate by 25 Basis Points to 4.25%


South Africa raised its repo rate by 25 basis points to 4.25%, citing the high inflation rate and the high price of electricity. The increase would be effective from 25 March 2022. The South African Reserve Bank Governor, Dr. Noel Motsepe, announced the changes during a briefing in Pretoria. The increase was based on the country’s economic conditions and the inflation outlook. The South African economy is undergoing a difficult period, but this latest decision will help ease some of the pressure on the country’s currency.


The South African Reserve Bank has announced that another 25 basis points will increase the repo rate to 4.25%. This hike comes after three consecutive increases in the rate. This hike is part of a broader monetary policy shift to slow inflation and reduce the unemployment rate. The increase will take effect on 25 March 2022. While the change will be significant, the movie will still be modest and not affect investors’ plans to borrow money.

A higher repo rate will affect the overall interest rate of the economy, which will put more pressure on household balance sheets. While higher interest rates are generally beneficial for savers and investors, they are detrimental to consumers. A higher repo rate is also expected to increase the cost of borrowing for the local commercial banks, which will push up prime lending rates. The higher repo rate will affect consumer loans and household purchases through banks.

While the bank rate and the marginal standing facility remain at 4.25%, the reverse repo rate is at 3.35%. The outlook for aggregate demand is dependent on global and private investment. Global developments were the MPC’s main risk to the domestic perspective, but the emergence of the Omicron variant of COVID-19 has clouded the outlook somewhat. Therefore, the MPC will likely hold off on raising the repo rate further.

The RBI reiterated its commitment to defending the Indian economy and said it is ready to intervene to tame prices. Its next meeting is scheduled to be held on June 6-8. Most panelists see the RBI repurchase rate reaching 4.0% pp 25 by the end of the fiscal year. This would be the highest repurchase rate since the monetary policy was first implemented. If the economy does well, a hike would be a natural outcome.

Increased by 25 basis points

On Tuesday, the South African Reserve Bank increased the repo rate by a quarter percentage point to 4.25%. The increase comes amid rising headline inflation and a range of risks, including increased volatility in currency and food prices. One MPC member favored keeping the rate unchanged, but three others favored a 50 basis point increase. South Africa’s economic growth will likely slow due to the recent war in Syria, which will likely affect growth and inflation rates.

In other words, the unemployment rate, for example, increased from 6% to 16% in two years. The change is equivalent to a twenty-five basis point increase. The term basis point refers to a specific increment. For example, the unemployment rate in 2017 was 6%, but in 2018 it rose to 16.7%. In either case, the increase equals ten percent of the unemployment rate. In addition, a hundred basis points equal one point, which means the unemployment rate has gone up by a quarter of a percentage point.

The MCLR, or Marginal Cost of Lending, is the monetary policy rate for banks. It relates to the cost of lending and affects every type of loan. As the largest private sector bank in the country, HDFC bank has raised rates twice in a single month. The increase in the bank’s benchmark lending rate is also equal to 25 basis points. This way, the MCLR will be slightly higher for almost every type of loan.

COVID-19 pandemic has several economic and diverse setbacks

The response to the COVID-19 pandemic is challenging, owing to its varying and often unpredictable nature. The virus has the potential to cause a wide array of economic and social setbacks, and the timing, spread, and ultimate effects are still unknown. Regardless of the scale of the epidemic, governments will need to consider policy levers to stabilize their health systems. In some cases, developing treatments could be critical to reestablishing economic activity.

The CARES Act money allocated to combat the COVID-19 pandemic is not based on economic impact but on population; thus, too little money goes to local governments and states. Furthermore, the geographic impact of the disease was disproportionately borne by Hispanic workers, further exacerbating existing income and wealth gaps. These challenges will continue to be addressed for years to come.

The effects of COVID-19 will be most significant for women, particularly those in marginalized groups. These groups are more likely to experience job losses and reduced incomes, and social protection systems typically unprotect women. As a result, the COVID-19 pandemic has slowed small businesses in countries like South Sudan and Guatemala and has cost unpaid care and domestic workers their jobs and unemployment benefits.

As the COVID-19 pandemic spreads across the globe, it has created new health inequalities. It also has re-prioritized existing resources, causing delays in treatment and several other health-related disparities. Consequently, COVID-19 has several complexes, multi-faceted setbacks.

Despite the widespread effects of the virus, small businesses were disproportionately affected. In one survey, 43% of small businesses closed temporarily due to the disease. Most of these respondents cited a reduction in demand and employee health as the reasons for their decision to close. Disruption in the supply chain and the ability to hire additional workers were cited as less-significant factors.

Governments must adapt to these new challenges. The COVID-19 pandemic has triggered several essential changes in how government operates and public leaders’ roles. In the Recover phase, efforts will foster citizen confidence and trust in the government and its services. Digital and data tools are also critical for an adaptive government. Furthermore, governments must keep vigilance to ensure the next wave of the virus does not catch a region by surprise. Developing a dashboard of medical and economic indicators is a necessary step in the recovery process.

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