Reserve Bank expected to keep rates steady at 8.25% on July 20: poll

In a survey conducted from July 6 to 12, 12 of 21 economists said the Bank will keep rates steady at 8.25% on July 20. The remaining nine said rates will be hiked 25 bps. Economists say financial conditions have tightened enough as the Bank has added a cumulative 475 basis points since November 2021.

“We see little reason for the SARB to hike its policy rate further from the current 8.25%, with June inflation likely to have fallen back within the 3%-6% target range, and July inflation potentially below 5.0% on base effects,” wrote Razia Khan at Standard Chartered.

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