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[ALERT] Reserve Bank keeps repo rate unchanged

The prime lending rate, which is the interest charged by banks to clients, will remain at 10.25%.

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

PRETORIA – South African Reserve Bank (Sarb) Governor Lesetja Kganyago has announced that the repo rate will be unchanged at 6.75%.

The repo rate is the rate at which the central bank lends money to banks.

The prime lending rate, which is the interest charged by banks to clients, will remain at 10.25%.

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

In July bank cut the repo rate by 25 basis points to 6.75% after 16 months of keeping the rate unchanged.