SARB keeps repo rate unchanged
The repo rate has been left unchanged at 8.25% by the South African Reserve Bank’s Monetary Policy Committee.
It keeps the rate at which we borrow from banks at 11.75%.
On Thursday, Reserve Bank Governor Lesetja Kganyago said the decision was unanimous.
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"The current repurchase rate level policy is restrictive, consistent with the inflation outlook and the need to address the rising inflation expectation. Serious upside risks to the inflation trajectory from global and domestic sources are evident, and as noted earlier, the economic outlook is highly unsettling."
Kganyago said he expected few significant changes for 2024.
"Headline inflation is expected to ease to 5% in 2024, to 4.6% in 2025 and to 4.5% in 2026. While our baseline inflation focus is of continued gradual moderation in global and domestic inflation, the risks to the outlook are still assessed to the upside. Better than the expected global growth last year, an ongoing political tension this year, serve to keep oil markets tight."
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