Interest rate remains unchanged
South Africa’s central bank kept its benchmark lending rate at a 30 year low, in order to support recovery in the biggest economy in Africa.
The Monetary Policy Committee left the repurchase (repo) rate at 5.5% for a 7th consecutive meeting, Governor Gill Marcus announced in a televised press conference from Pretoria on the 19th of January. This translates into a prime interest rate of 9%.
This was in line with the majority of forecasts from leading economists.
Author: Antonie Goosen