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SA Reserve Bank keeps repo rate unchanged

In November the repo rate was increased by 25 basis points to 6.75% with governor Lesetja Kganyago listing rising inflation and the weak rand as major factors.

South African Reserve Bank Governor Lesetja Kganyago. Picture: AFP

CAPE TOWN - Sarb governor Lesetja Kganyago has announced the monetary policy committee has left the repo rate unchanged at 6.75%.

Kganyago made the announcement in Pretoria on Thursday afternoon, saying inflation and a stronger rand contributed to their decision.

He says inflation is expected to be lower this year.

Kganyago says inflation is also sensitive to the exchange rate, but countries around the world are not as aggressive as before with their monetary policies.

“Against this backdrop, the MPC unanimously decided to keep the rate unchanged at 6,75% per year. The committee continues to assess the stance of monetary policy to be broadly accommodative. Monetary policy actions will continue to focus on anchoring inflation expectations closer to the midpoint of the inflation target, in the interest of balanced and sustainable growth.”

WATCH LIVE: Sarb governor Lesetja Kganyago announces repo rate decision

In November last year, the repo rate was increased by 25 basis points to 6.75%. At the time, Kganyago listed rising inflation and the weak rand as major factors.