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TimesLIVE reports that SA Reserve Bank (SARB) governor Lesetja Kganyago announced at a monetary policy committee (MPC) briefing on Wednesday that the repo rate would remain at 8.25%.
The decision was unanimous and the policy stance remained restrictive, the governor said. The repo rate has remained at 8.25% – its highest level in 15 years – since May last year. The MPC meeting came a week after Stats SA announced that consumer price inflation had climbed from 5.3% in January to 5.6% in February. Kganyago said this and high services inflation suggested that SA was joining the global trend of services, rather than goods, becoming a major source of inflation. He added that since the start of the year, SA had seen persistent global inflation pressures with headline inflation rates lower than a year ago but underlying inflation still elevated. Kganyago said while the MPC still saw headline inflation heading back to 4.5%, extra inflation pressure meant it would reach the target midpoint only at the end of 2025, later than previously expected.
- Read the full original of the report in the above regard by Khulekani Magubane at TimesLIVE
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