WATCH: Repo rate remains unchanged

Reserve Bank Governor Lesetja Kganyago is widely expected to keep interest rates on hold. The repo rate is currently sitting at 6.75 percent.

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JOHANNESBURG - Reserve Bank Governor, Lesetja Kganyago, has kept the repo rate unchanged at 6.75-percent.

The central bank's Monetary Policy Committee held a two-day meeting this week to decide on rates.

READ: Reserve Bank keeps prime, repo rates unchanged

Rates were last hiked by 25-basis point in November.

On Thursday morning, the rand was 0.5-percent weaker ahead of the announcement, the first since elections were held earlier this month.

READ: Will Tito Mboweni return as finance minister?

"In the past few days we've been looking at how the South African government's going to form up, what kind of cabinet ministers they are going to appoint and how they are going to trim the fat on the size of their cabinet," said Monex Europe's Harvey.

"Most central banks when there are elections and periods of restructuring internally, they tend to stay neutral, wait to see what the policies are regarding reforms before they leap into action."

- Additional reporting Reuters