Monetary policy committee
SARB Governor Lesetja Kganyago announces repo rate remains unchanged
Kganyago made the announcement during a briefing on Thursday afternoon.
Economists have welcomed the appointment of Christopher Loewald as the sixth member of the monetary policy committee, lauding him as a man of integrity.
The review dimmed hopes for the economic rebound promised by President Cyril Ramaphosa and comes less than a month before national elections.
EWN business journalist Mashudu Masutha explains all you need to know about the South African Reserve Bank's interest rate announcement on 22 November 2018.
The repo rate is the rate at which the central bank lends money to commercial banks.
The central bank last cut rates in July 2017, highlighting an improving inflation outlook, but warning of a slowdown in economic growth.
The Money Show’s Bruce Whitfield and FNB economist Mamello Matinkica discuss five reasons why they believe the central bank may not cut rates.
Some economists expect the Reserve Bank to keep the repo rate at 7% for the 14th consecutive month.
The prime lending rate, which is the figure charged by banks to customers, is expected to remain at 10.5%.
This is despite the fact that inflation is slightly above the target range.
The Reserve Bank is expected to raise interest rates this afternoon as inflation is expected to be higher.
The reserve bank has announced that interest rates will increase to 6.25% as of 20 November.
This means the repo rate will remain fixed at a rate of 5.75%.
The repo rate will remain unchanged at 5,5%, while the prime lending rate will remain fixed at 9%.
The move takes the repo rate to 5,5 percent and the prime lending rate to nine percent.
Governor Gill Marcus made the announcement at the Sarb headquarters in Pretoria.
The unemployment rate in South African has increased to 25,5 percent in the third quarter of 2012.
Strikes in the mining sector could affect the already fragile investor sentiment, SARB says.
The repo rate will remain unchanged at 5 percent, SARB Governor Gill Marcus announced on Thursday.