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Reserve Bank keeps repo rate unchanged at 6.5%

Lesetja Kganyago has announced that the repo rate will remain unchanged at 6.5%.

South African Reserve Bank governor Lesetja Kganyago. Picture: GovermentZA

PRETORIA - South African Reserve Bank (Sarb) Governor Lesetja Kganyago has announced that the repo rate will remain unchanged at 6.5% per annum.

He said this was a unanimous decision by the Monetary Policy Committee (MPC).

"At these levels, the committee still assesses that stance of monetary policy to be accommodative."

Kganyago says inflation is still a concern, along with a depreciating rand.

"Since the previous meeting of the MPC, the rand has depreciated by 7.2% against the US dollar, by 6.2% against the euro and by 4.9% on a trade-weighted basis."