Repo rate stays at 5%

2013-05-23 16:35

SA Reserve Bank (SARB) governor Gill Marcus announced that the repo rate will remain at 5%.

The repo rate is the interest rate at which the SARB lends money to commercial banks.

Growth prospects remain fragile amid low consumer confidence, said Marcus today.

She said growth is expected to accelerate to 3.8% in 2015.

The Reserve Bank also expects a breach of the inflation target in Q3 of 2013.

Data from Statistics SA showed inflation standing unchanged at 5.9% year on year in April.

On a month-on-month basis, inflation slowed to 0.4% compared with 1.2% in March.

The Monetary Policy Committee is increasingly concerned about the deteriorating outlook for the country, Marcus said.

The outlook for the mining sector remains bleak, with threats of job losses, high wage demands and strike action, she added.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24


Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.