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Repo Rate Remains Unchanged

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The Monetary Policy Committee (MPC) has decided to maintain the current monetary policy stance and keep the repurchase rate unchanged at 5.5%, announced Gill Marcus Reserve Bank Governor, on Thursday.

The repo rate stands at a more than 30-year low of 5.5%, with the prime interest rate at 9%.

Marcus was addressing media at the end of the normal three-day MPC meeting.

Earlier, Nedbank said the MPC would face the challenge of “striking the right balance between supporting a fragile economy in an increasingly uncertain global environment and preventing stubbornly high inflation from becoming entrenched”.

The consumer price index (CPI) increased slightly in April, coming in at 6.1% year-on-year from the 6% recorded in March.

While inflation remains slightly above the 6% upper limit set by the South African Reserve Bank, it did not come as a shock as it was below market expectation of 6.2%, according to figures released by Statistics South Africa on Wednesday. – BuaNews

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Alan Straton

Chief Cook, Bottle Washer and Broom Mechanic at MyPE
Passionate about Port Elizabeth and definitely NOT packing for Perth. Alan's ethos is epitomised in the words of Nelson Mandela; "I have fought against white domination and I have fought against black domination. I have cherished the idea of a democratic and free society. If need be, it is an ideal for which I am prepared to die." See more articles by Alan.