Reserve Bank governor Lesetja Kganyago. Siphiwe Sibeko/Reuters Reserve Bank governor Lesetja Kganyago said on Tuesday that the bank would bring inflation back to its 3% target, defending last week’s rate hike as necessary to prevent second-round effects from the Middle East oil shock from becoming entrenched. The central bank raised its key repo rate by…
The South African Reserve Bank has raised its benchmark repo rate by 25 basis points to 7%, breaking a run of stability as a deepening Middle East crisis drives oil prices higher and reignites inflation. The increase, effective 29 May, was backed by four members of the monetary policy committee, with two favouring no change,…
Reserve Bank governor Lesetja Kganyago The South African Reserve Bank maintained its main lending rate at 6.75% on Thursday, saying caution was needed as higher energy prices triggered by the US-Israel war against Iran would push up inflation. Economists polled by Reuters had expected no change in the repo rate, as the Middle East conflict…
The Trump administration ordered the release of 172 million barrels of oil from the U.S. Strategic Petroleum Reserve this week, making it the second-largest release from the reserve in its history after former President Joe Biden’s 2022 withdrawal of 180 million barrels. The move was meant to stem oil prices, which hovered over $100 a…
A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. Lucy Nicholson | Reuters Oil prices surged more than 7% Thursday, as traders appear to be unconvinced that government stockpiles can offset the massive supply shock triggered by the war in the Middle East. The West Texas Intermediate jumped 7.5% to $93.8 per…
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The South African Reserve Bank has flagged cryptocurrencies as a new risk to domestic fiscal stability. It said this in the second edition of its Financial Stability Review for 2025, which covers the six-month-period from June to November. In a presentation on Tuesday, Nicola Brink, head of department for financial stability at the Reserve Bank,…
Nairobi — Woodford Reserve, the small-batch Kentucky bourbon produced by Brown-Forman, has officially launched in Kenya, marking the brand’s strategic entry into the East African premium-whiskey market. The debut coincided with a Nairobi event celebrating Old Fashioned Month on November 6, part of a global initiative highlighting the classic cocktail. David Mutunga, Brown-Forman’s East Africa…
WASHINGTON — The Senate voted Monday night to confirm Stephen Miran to the Federal Reserve Board, bringing it a step closer to President Donald Trump’s vision as he pressures the central bank to lower interest rates. He was confirmed in a 48-47 vote. Miran, who currently serves as the White House’s chairman of the Council…
A federal judge on Tuesday granted a temporary restraining order blocking President Donald Trump’s firing of Federal Reserve governor Lisa Cook for now. The ruling means Cook will remain on the board of the central bank until her case is heard at length. She is allowed to continue carrying out her work during that time….
