Reserve Bank keeps repo rate unchanged at 6.5%

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The prime lending rate remains at 10%.

The South African Reserve Bank’s monetary policy committee on Thursday kept the repurchase rate unchanged at 6.5 percent.

Most economists had expected the rate to remain steady, which means the prime lending rate will be unchanged at 10%.said recent monthly inflation had been lower than the mid-point of 4.5%. Inflation year-on-year in October was 3.7%.headline inflation was expected to peak at 5.3% in the first quarter of 2020.

Kganyago acknowledged that the rand had weakened against major currencies, which had helped exports, though growth in exports remained low. Investors remained concerned about the country’s growth prospects. He said there was a risk of renewed market volatility internationally. The overall risk to inflation was balanced but uncertainty was high.

The central bank last raised the repo rate by 25 basis points in November to stem inflation pressures.

 

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