Repo rate sticks at 3.5% with 'no further cuts in near term'
The South African Reserve Bank's Monetary Policy Committee has decided to keep the repo rate unchanged at 3.5%.
The prime lending rate remains 7%.
Rates have already been cut by 300 basis points since the beginning of the year.
Reserve Bank Governor, Lesetja Kganyago on Thursday gave an outlook of what we can expect in the coming quarters.
READ: Economy could shrink more than forecast: Mboweni
"The implied policy rate path of the Quarterly Projection Model indicates no further repo rate cuts in the near term, and two rate increases in the third and fourth quarters of 2021.
"Monetary policy has eased financial conditions and improved the resilience of households and firms to the economic implications of Covid-19."
