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SA Reserve Bank leaves repo rate unchanged at 7%

The central bank has not increased rates since March this year.

Newly appointed Reserve Bank governor Lesetja Kganyago at his appointment in Pretoria on 06 October 2014. Picture: Reinart Toerien/EWN

JOHANNESBURG - South African Reserve Bank (Sarb) Governor Lesetja Kganyago has announced the bank will leave the repo rate unchanged at 7%.

The prime lending rate, which is the figure charged by banks to customers, will remain at 10.5%.

Kganyago says the Monetary Policy Committee (MPC) has unanimously decided to keep rates unchanged at 7%.

“Domestic demand pressures remain weak and consumers are expected to remain under pressure for some time. The MPC has accordingly decided to keep the repo rate unchanged at 7% per annum. The decision was unanimous.”

There were concerns that the rate would increase with October’s inflation figure measured at 6.4%. However, the governor says inflation is expected to return to within the target range despite pressures from food prices.

“Since the previous meeting of the MPC, inflation forecasts have remained largely unchanged. Whereas the risks for the inflation forecast were previously assessed to be more or less balanced. The committee now assesses the risks to be moderately on the up side.”

The central bank has left rates unchanged at 7% since March this year.