Economy

SARB keeps repo rate unchanged

Reserve Bank Governor Lesetja Kganyago says the repo rate will remain unchanged.

The prime lending rate also remains unchanged at 10.25 percent.

"The MPC has made a decision to keep the repurchase rate unchanged at 6.75% per annum".

"In light of the deteriorating assessments of the balance of risks the Monetary Policy Committee has chose to keep the repurchase rate unchanged at 6.75 percent per annum", he said on Thursday. "Ultimately the committee made a decision to keep the rates unchanged". In the end, the committee chose to hold rates and reassess its monetary stance at its next meeting in late.

The Rand welcomed the decision as it is now trading at R13.26 to the U.S. dollar from the day's low of R13.40.

Analysts immediately turned their attention to the bank's next interest rate meeting, in November, at which it is expected to ease policy to help pep up the struggling economy.

"The main drivers of these changes (in inflation forecast) are a lower repurchase rate, a less appreciated exchange rate assumption, a slightly narrower output gap and a marginal adjustment to the food price inflation forecast".



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