Repo rate up by 25 basis points to 7%
The South African Reserve Bank's Monetary Policy Committee has decided to hike the repo rate by 25 basis points increase to 7%.
This takes the interest rate to 10.5%.
Speaking in Pretoria a short while ago, Reserve Bank Governor Lesetja Kganyago says three committee members voted in favour of the increase while three preferred no change.
"The committee remains concerned about the weak growth outlook amid negative business and consumer confidence. The growth challenges facing the economy are compounded by the deteriorating outlook for global growth.
"The committee assesses the risks of the growth outlook to be on the down side. The MPC decided that further tightening was required to compliment previous moves," he said.
It's the second increase this year. In January, the repo rate was raised by 50 basis points.
(File photo: Gallo Images)