Repo rate unchanged
The South African Reserve Bank has announced that it is leaving the repo rate unchanged at 6%.
Governor, Lesetja Kganyago announced the decision of the Monetary Policy Committee earlier.
Kganyago has painted an uncertain picture going forward with regards to the local economy, citing the Rand's dependency on the global economy which is slowing down in growth due largely to the Chinese market's slump.
He says there are also concerns about the Gross Domestic Product which has taken a knock due to unreliable electricity supply and decreased activity in the tourism sector.
"A further risk emanates from possible higher multi-year increases in electricity tariffs from the middle of next year. Downside risks for the inflation outlook include international oil prices, should they be sustained at current levels.
"The committee nevertheless assesses the overall risks for the inflation outlook to be on the upside. The MPC has decided unanimously to keep the repurchase rate unchanged for now at 6% per annum," he said.
(File photo)