SARB MPC keeps repo rate unchanged at 8.25%
This is the fifth consecutive hold by the central bank since May last year.
A YouTube screengrab of SA Reserve Bank Governor Lesetja Kganyago delivering the Monetary Policy Committee’s January statement on 25 January 2024.
JOHANNESBURG - The South African Reserve Bank (SARB)'s Monetary Policy Committee has once again kept the repo rate unchanged at 8.25%.
This is the fifth consecutive hold by the central bank since May last year.
While this is good news for South Africans, the repo rate remains at a 14-year-high, with Reserve Bank Governor Lesetja Kganyago reiterating that the economic policy will remain restrictive.
He said this decision was unanimous.
"At this level of rates, the policy stance is considered restrictive, consistent with the inflation outlook and the need to address elevated inflation expectations."
The South African Reserve Bank MPC decided to keep the repurchase rate at its current level of 8.25% per year. The decision was unanimous. #SARBMPCMAR2024 pic.twitter.com/gTPsUXQ5XC
— SA Reserve Bank (@SAReserveBank) March 27, 2024