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Plus Get Market Makers AI Forex Trading Software At Our Best Price Yet!Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â MARKET MAKERS DAILY BULLETIN Hello investor South Africaâs central bank went for a jumbo hike to raise rates to the highest level in 14 years to tame inflation while the economy is struggling to grow this year. Despite the hike, the rand fell to a record low after Governor Lesetja Kganyago warned that its currency could weaken in the future. The benchmark interest rate went from 7.75% to 8.25% after the monetary policy committeeâs 50 basis point hike. This rate is the highest since 2009. But yet, inflation remains red-hot. The central bank raised its forecast for inflation to 6.2% this year and 5.1% in 2024. Its inflation target is 3% to 6%. - âAt the current repurchase rate level, policy is restrictive, consistent with elevated inflation and risks,â Kganyago said. - âThe policy stance aims to anchor inflation expectations more firmly around the mid-point of the target band and to increase confidence of attaining the inflation target sustainably over time.â The US recently flagged South Africa as a suspect that the government was supplying weapons to Russia. That was not the only trouble. The Financial Action Task Force placed South Afrida on a global financial watchdogâs so-called âgray listâ where nations are accused of not taking action to clamp down on illicit financial flows. Typically, these include money laundering and the financing of terrorism. Whatâs more, South Africa imposed daily electricity rationing and is dealing with logistics-network constraints. All of this means the country likely needs foreign capital. Kganyago warned that it is likely to lead to further currency weakness. - âGiven upside inflation risks, larger domestic and external financing needs, and loadshedding, further currency weakness appears likely,â Kganyago said. The central bank governor admitted that there will be pain in the short-term from higher interest rates. But there is no choice. Better to take a âbitterâ pill, rather than create a disaster that will require an emergency. - âThe medication might be bitter but if the patient does not take the medicine they will end up in surgery and intensive care,â Kganyago said. âOur task as the South African Reserve Bank is in accordance with our mandate that says we must preserve price stability in the interest of balanced and sustainable growth.â OUR REVOLUTIONARY
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