Economics
Russia’s War Spurs South Africa to Raise Rate, Turn Hawkish
- Key rate lifted by 25 basis points for third straight meeting
- Hike prompted by war-driven deterioration in inflation outlook
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South Africa’s central bank lifted its benchmark interest rate for a third straight meeting and signaled it will raise borrowing costs more aggressively through 2024, in part to counter inflationary pressures stemming from Russia’s war with Ukraine.