Repo rate to remain unchanged at 3.5%

This come after the bank's Monetary Policy Committee cut the repo rate by 275 basis points last year to try and counter the effects of negative growth due to COVID-19.

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

JOHANNESBURG - South African Reserve Bank (Sarb) Governor Lesetja Kganyago has announced that the repo rate will remain unchanged at 3.5%

In November 2020 the bank also announced that it would make no changes to the repo rate.

Prior to that announcement, the bank's Monetary Policy Committee had cut the repo rate by 275 basis points last year to try and counter the effects of negative growth due to COVID-19.

In an emergency meeting in April 2020 the bank cut the repo rate by 100 basis points, followed by a 50 basis point cut to 3.75% during its May meeting.

WATCH: Repo rate announcement

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