Reserve Bank keeps repo rate unchanged

File: SARB Governor Lesetja Kganyago.

File: SARB Governor Lesetja Kganyago. (eNCA)

eNCA

PRETORIA - The South African Reserve Bank has kept the repo rate unchanged.

Reserve Bank Governor, Lesetja Kganyago said the Monetary Policy Committee decided to hold the repo rate at 3,5 percent.

WATCH: Reserve Bank announces interest rate decision

The prime lending rate at commercial banks remains at 7 percent.

Two MPC members voted for a 25 basis-point cut, while three voted for the bank to hold rates steady.

The announcement comes as South Africa reels from a new wave of COVID-19 infections and after harder lockdown restrictions were introduced in late December.

 

Source
eNCA

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