Reserve Bank Hikes Rates Again

Mboweni rings in another rate hike

As momentum from a consumer spending spree continues and inflationary pressures remain, South African reserve Bank governor Tito Mboweni announced a 0.5 percentage point hike in the central bank's repurchase rate to 8 percent on Thursday.

The rise in rates follows a surprise 0.5 percentage point hike - from 7 percent to 7.5 percent - on June 8, the first rate hike since September 2002, when the rate went from from 12.5 percent to 13.5 percent.