Reserve Bank keeps repo rate unchanged at 6.75%

accreditation

The Reserve Bank has kept the repo rate unchanged at 6.75%, in line with the expectations of most economists and analysts. 

Governor of the SA Reserve bank Lesetja Kganyago announced the benchmark rate call at a media briefing in Pretoria. He said the decision was unanimous. 

The repo rate is the interest rate at which the central bank lends money to other banks. Changes in the repo rate affect the prime lending rate, which is the rate banks use as a starting point to calculate interest rates for their clients. 

With the repo rate unchanged at 6.75%, the prime lending rate will remain steady at 10.25%. 

Kganyago said the SARB now expects GDP growth of 0.7% in 2018, 1.7% in 2019 and 2% in 2020.

The decision was unsurprising. "The general consensus [is] that rates will remain unchanged," said TreasuryONE in a morning note to clients. 

The rand, which was trading at R13.73/$ at 14:45, was changing hands at R13.74/$ after the announcement was made. 

.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
14.80
-0.2%
Rand - Pound
20.22
+0.2%
Rand - Euro
17.33
-0.3%
Rand - Aus dollar
10.71
-0.1%
Rand - Yen
0.13
-0.6%
Gold
1,753.95
-0.0%
Silver
22.47
+0.3%
Palladium
1,979.88
-1.9%
Platinum
923.33
-2.2%
Brent Crude
75.34
-0.4%
Top 40
54,723
-3.3%
All Share
60,919
-3.1%
Resource 10
54,137
-4.2%
Industrial 25
78,897
-2.8%
Financial 15
13,650
-2.6%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
What potential restrictions on unvaccinated South Africans may make the biggest difference to public health, the economy?
Please select an option Oops! Something went wrong, please try again later.
Results
Limited access to restaurants and bars
8% - 44 votes
Limited access to shopping centres
17% - 91 votes
Limited access to live events, including sport matches and festivals
27% - 142 votes
Workplace vaccine mandates
47% - 247 votes
Vote