Capitec CEO predicts global and local economic stabilization in late 2023, including a decrease in inflation and stabilization of interest rates. However, South Africans have been struggling with record-high interest rates and increasing inflation, leading more people to rely on credit for daily expenses. The South African Reserve Bank’s rate hikes are seen as necessary for inflation control, but also to protect the value of the rand. Capitec bank has limited its credit facilities and made over 900 changes to its credit policies due to the risk of people relying on credit. The bank also reported an 80% increase in credit impairments due to difficulties in repaying loans. Despite global economic interdependence, local challenges such as load shedding continue to impact South African households, leading to increased reliance on credit and debt.