When is the Next MPC Meeting in South Africa?
September 22
The following monetary policy discussion is slated for September 22. The SARB repo rate is projected by the FocusEconomics Consensus Panel to end 2022 at 5.79% and 2023 at 6.15%.
How many meetings of the MPC are there?
eight MPC conferences
The Bank also releases its Monetary Policy Report every three months in addition to the MPC minutes for each of the eight sessions that are planned for the MPC each year.
How did the previous meeting go?
The Monetary Policy Committee of the South African Reserve Bank (SARB) decided to raise the repurchase rate by an additional 75 basis points, or 5.50%, during its meeting on July 21. Analysts were positively surprised by the decision, which followed May’s 50 basis point increase; markets had already factored in a subsequent 50 basis point raise. Again, there was disagreement on the level of the hike—the sixth in a row since policy normalization began in November 2021: Five members voted in favor of a 50 basis point increase, with one member favoring a 100 basis point increase.
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What influenced the choice?
The Bank’s decision was influenced by an increase in its headline inflation expectations, which were raised to 6.5% and 5.7% for 2022 and 2023, respectively. Additionally, in light of forecasts for persistently high fuel and food costs, core inflation projections for this year as well as for 2023 and 2024 have been revised upward once again.
Any other alterations planned for the future?
The SARB maintained a mostly consistent tone and reaffirmed its dedication to bringing inflation forecasts to the middle of its 3.0-6.0% target range for 2024. According to the Bank, “monetary policy choices will continue to be data reliant and sensitive to the balance of risks to the outlook” since “economic and financial conditions are projected to be more turbulent for the foreseeable future.”
