Kganyago says half-point interest rate hike possible in July

• Governor Lesetja Kganyago says the SA Reserve Bank may consider raising interest rates by half a percentage point in July.
• Annual inflation that surged above the Reserve Bank’s target range for the first time in more than five years in May had moved traders to price in at least one 75-basis-point increase this year.
• The central bank’s moves are more “like taking your foot off the accelerator than slamming on the brakes,” Kganyago said. 

Traders tempered expectations for the largest South African increase in borrowing costs in almost two decades after the head of the nation’s central bank said it may consider raising interest rates by only half a percentage point in July.

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