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Interest rates unchanged

The repo rate will remain unchanged at 5 percent, SARB Governor Gill Marcus announced on Thursday.

SA Reserve Bank Governor Gill Marcus. Picture: Werner Beukes/SAPA

PRETORIA - The repo rate will remain unchanged at 5 percent, South African Reserve Bank (SARB) Governor Gill Marcus announced on Thursday.

This means the prime lending rate will stay put at 8.5 percent.

The governor said the Monetary Policy Committee (NPC) decided that lowering the repo rate would not be a good move, due to global economic factors.

Marcus said South Africans can expect another petrol price hike by October.

"Since August, the price of petrol has increased an accumulative R1,15 per litre and a further increase is expected in October."

In July, the NPC decided to cut rates by 50-basis points.