The South African Reserve Bank has increased the repo rate by 75 basis points to 5.5% per year, with effect from Friday. Eyewitness News reports that Governor Lesetja Kganyago made the announcement on Thursday afternoon following the monetary policy committee’s meeting. He said the economy was yet to recover from the COVID-19 pandemic. Kganyago said the country’s economy was expected to expand by 1.3% in 2023 and by 1.5% in 2024, which was below the previous projection of 1.9% for both years at the time of the last meeting.