Rates round-up: South Africa, Philippines and Egypt hike
Emerging markets tighten policy amid unrelenting inflation
South Africa: The South African Reserve Bank voted on May 19 to raise the benchmark interest rate 50 basis points, to 4.75%. Four members of the five-member monetary policy committee (MPC) voted for the hike, while the fifth favoured a 25bp increase.
The decision marks the fourth time the central bank has increased rates since November, and the largest hike since January 2016. Each of the previous three increases was of 25 basis points.
The MPC cited high inflation, a weakening rand and “risks
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