SA Reserve Bank's MPC holds repo rate unchanged at 8.25%
The central bank's governor, Lesetja Kganyago, announced the rate decision on Thursday afternoon, making this the sixth time the bank has decided not to increase interest rates.
A YouTube screengrab of SA Reserve Bank Governor Lesetja Kganyago delivering the Monetary Policy Committee’s January statement on 25 January 2024.
JOHANNESBURG - The South African Reserve Bank (SARB) has kept the repo rate unchanged at 8.25%.
The central bank's governor, Lesetja Kganyago, announced the rate decision on Thursday afternoon, making this the sixth time the bank has decided not to increase interest rates.
The South African Reserve Bank MPC decided to keep the repurchase rate at its current level of 8.25% per year. The decision was unanimous. #SARBMPCMAY2024 pic.twitter.com/Zscn4uxpxn
— SA Reserve Bank (@SAReserveBank) May 30, 2024
This hold comes as the country's repo rate sits at a 14-year-high, with CPI dropping for two consecutive months.
Kganyago said that the decision was unanimous.
"We have revised our load shedding assumption down, but additional revisions may be required if this performance is sustained. Our forecast shows a modest acceleration in growth over the next few years, alongside a gradual stabilisation of inflation at our target."