Citizen reporter
1 minute read
19 Sep 2019
3:18 pm

Repo rate remains unchanged at 6.5%

Citizen reporter

The prime lending rate therefore remains at 10%, which was widely expected.

South African Reserve Bank Governor Lesetja Kganyago. Picture: Thobile Mathonsi / African News Agency (ANA)

SA Reserve Bank (Sarb) governor Lesetja Kganyago announced at the bank on Thursday that they had decided to leave the repurchase (repo) rate unchanged, at 6.5% per annum, with effect from Friday.

South Africa’s central bank last raised the repo rate by 25 basis points in November to stem inflation pressures. In May, the central bank’s monetary policy committee (MPC) unanimously decided to keep the repo rate unchanged at 6.75% per year while economic growth forecast was revised down.

Kganyago said in July that the MPC unanimously then decided to reduce the repurchase rate by 25 basis points to 6.5% per annum.

Citizen partner site Moneyweb was at the announcement at the bank in Pretoria and reported on it live.

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