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[ALERT] Reserve Bank leaves repo rate unchanged at 6.5%

The repo rate has been at 6.5% since March this year when it was cut by 25 basis points.

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

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

The repo rate has been at this level since March this year when it was cut by 25 basis points.

He says changing policy is not the answer at the moment.

“The committee continues to be of the view that current challenges facing the economy are primarily structural in nature and cannot be solved by monetary policy alone.”

Kganyago says inflation is still a major concern, adding that the weakening rand and rising oil prices also remain a threat to inflation.