South Africa's Reserve Bank hikes rates as the oil shock bites

The SARB raised its repo rate by 25 basis points to 7% on 28 May — its first hike since 2023 — citing higher energy and fuel costs from geopolitical tensions and flagging more tightening if needed. The rand traded near 16.3–16.5 per US dollar, supported by strong commodity exports but exposed as a net oil importer. For you: higher local rates and pricier fuel mean money sent home stretches less; if you hold rand assets, the rate path now leans hawkish into July.