[ALERT] SARB keeps interest rates on hold

This means the prime lending rate, which is the interest charged by banks to clients, will stay fixed at 10.5%.

FILE: Reserve Bank Governor Lesetja Kganyago. Picture: GCIS.

JOHANNESBURG – South African Reserve Bank (Sarb) Governor Lesetja Kganyago announced on Thursday that interest rates will be kept on hold.

This means the repo rate, which is the rate at which the central bank lends money to banks, will stay on hold at 7%.

The prime lending rate, which is the interest charged by banks to clients, will stay fixed at 10.5%.

The announcement comes after a meeting of the Monetary Policy Committee in Pretoria.

Economists widely expected the bank to keep rates on hold, which has been the case for the past 14 months.