South Africa Money and Credit Markets (Quarterly Report) - April 2015

Money-market rates moved higher throughout 2014, with the 12m JIBAR rising from 6% in January to 7.4% at the end of December. This rise was considerably steeper than the 75 basis points increase in the repo rate and mainly attributable to a deterioration in inflation expectations during mid-2014, exacerbated by the steep decline in the exchange rate of the rand.

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