Repo rate remains unchanged

The prime lending rate, which is the figure at which banks lend us money, remains at 10.5 percent.

SARB Governor Lesetja Kganyago says five members preferred an unchanged stance, while one member preferred a 25 basis point reduction.

"The MPC is of the view that we may have reached the end of the tightening cycle. However, the committee would like to see a more sustained improvement in the inflation outlook, before reducing rates," said Kganyago.

Kganyago said growth outlook remains disappointing.

"The MPC is concerned that increased political uncertainty could impact negatively on private sector investment and household consumption expenditure and further undermined employment growth," said Kganyago.