He made the revelation following a three-day Monetary Policy Committee (MPC) meeting in Pretoria.
The decision means the repo rate, the interest charged by Sarb to banks, will rise to six percent. The prime lending rate, the interest charged by banks to customers, will jump to 9,5 percent.
Kganyago and his fellow MPC members have repeatedly warned that the central bank couldn’t delay a rates hike as the local economy struggled with sluggish growth, a weaker rand and an increasing inflationary trajectory.
