The South African Reserve Bank (SARB)’s Monetary Policy Committee (MPC) has kept the repo rate at a 15-year high of 8.25%
With the prime lending rate, the rate banks charge consumers, at 11.75%
The reserve bank said that inflation was still not at the mid-point of its target range at 4.5%.
Current consumer prices are at 5.2%.
Reserve Bank Governor Lesetja Kganyago said that the country’s economic performance in the first half of the year was disappointing.
He said that the battle against inflation was not yet won and that inflation in most economies had yet to stabilise in line with targets.
“The economy contracted by 0.1% in the first quarter and recent data, including last week’s mining and manufacturing numbers, have caused us to trim our second-quarter growth estimate modestly to 0.6%.”
Analysts expect the SARB to cut rates at least twice before the end of the year.
The MPC decided to keep the repo rate unchanged at 8.25%. Four members preferred an unchanged stance, and two preferred a reduction of 25 basis points. pic.twitter.com/JddmlKxg0t
— SA Reserve Bank (@SAReserveBank) July 18, 2024
-EWN
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#SARB #MPC #repo #rate
