Kganyago says growth risks to the downside
Emerging markets, especially commodity exporters, are feeling the pain of stagflation. Capital flight has sent the currencies spiralling, causing inflation and central banks are forced to hike rates.
It's a classic monetary policy conundrum.
The rand is gaining ground on the announcement (USD/ZAR decline).
More headlines from Kganyago:
- MPC views CPI risks to the upside
- Household spending seen constrained
- Risks to oil price assumption on the upside
- Domestic growth outlook deteriorated
- Rand affected by current account gap
- Sees CPI peaking at 7.3% in Q4
- 3 MPC members voted for hike
