Quarterly Report | Q3 ’22
Introduction
During the third quarter of 2022, South Africa experienced a record length of consecutive loadshedding. The South African economy also experienced the impact of lower commodity prices and slower global growth. All the factors, along with high inflation levels had a significant impact on the growth outlook towards the end of the year. The South African Rand (ZAR) remained under pressure to a strong US dollar during the third quarter. ($). The South African inflation has likely peaked at 7.8% during the month of July. The weaker oil price provided some relief for South African consumers, as fuel prices decreased during August and September. The South African Reserve Bank (SARB) aims to bring inflation down within a range of 3% – 6%. With this target in mind, the SARB increased interest rates by 75 basis point in both July and September.
Previous Reports
Quarterly Report | Q1 ’25
The South African Reserve Bank (SARB) decreased interest rates by 25 basis points at the January Monetary Policy Committee (MPC) meeting.
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