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Interest rates to remain unchanged

This means the repo rate will remain fixed at a rate of 5.75%.

The South African Reserve Bank's Monetary Policy Committee  has decided to keep interest rates on hold at 5.75 percent. Picture: EWN.

JOHANNESBURG - The South African Reserve Bank's Monetary Policy Committee (MPC) has decided to keep interest rates on hold at 5.75 percent.

Governor Gill Marcus made the announcement a short while ago.

"Despite the 75 basis point increase so far this year, monetary policy remains accommodative, and will continue to be supportive of the domestic economy subject to achieving its primary inflation targeting objective."

She also said the MPC would continue to be supportive of the domestic economy and that future decisions would be highly data dependent.

But Marcus said today's decision was not unanimous, and that one member of the MPC argued for a 25-basis points hike and six wanted no change.

The bank's forecast for 2014 GDP growth was revised further to 1.5% with risks on the downside.

GDP predictions are also down for the next two years.

Marcus said divergent growth outlooks in the developed world were likely to drive policy decisions.

She said the rand was expected to remain sensitive to sentiment regarding US policy and geopolitical risk.