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Interest rates unchanged

The repo rate will remain unchanged at 5,5%, while the prime lending rate will remain fixed at 9%.

The South African Reserve Bank board, with Governor Gill Marcus at centre. Picture: Supplied.

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

The prime lending rate will stay at nine percent.

Marcus revealed the Monetary Policy Committee (MPC)'s decision at the Sarb headquarters in Pretoria this afternoon.

The governor once again warned that the country was in a rising interest rate cycle.

"We are in a rising interest rate cycle and interest rates will have to be normalised soon."

The last change to the rate came in January when it was hiked by 50-basis points.

Marcus said future changes would be entirely dependent on developments in the economy, with inflation a primary concern.

She noted, "Inflation is currently at uncomfortable levels."

Marcus had good news for motorists though, saying, "Should current trends continue, a further reduction [of the fuel price] can be expected in June."