Repo rate remains unchanged

he repo rate will remain unchanged at 5.75 percent, the SA Reserve Bank’s monetary policy committee decided on Thursday.

SARB governor Gill Marcus said the domestic growth outlook remained “weak”.

“The monetary policy committee is mindful of the anaemic state of the economy,” she said.

“The domestic economic growth outlook remains weak.”

This meant that the prime lending rate would remain 9.25 percent.

Marcus said the MPC remained concerned at the excessive wage settlements and the effects this would have on the economy.

The decision to keep the repo rate unchanged was not unanimous, with one person voting for a 25 basis point increase and six voting for no change, she said.

The committee increased the repo rate in July and January this year.

In January, the repo rate increased by 50 basis points to 5.5 percent and in July it increased by 25 basis points to 5.75 percent. In March and May the repo rate remained unchanged.

 

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Repo rate remains unchanged