Home South African WATCH: Interest rates remain unchanged

WATCH: Interest rates remain unchanged

232
SHARE

The Governor said during his briefing that food price inflation continues to surprise to the downside on a monthly basis.

FILE PHOTO: South African Reserve Bank governor Lesetja Kganyago.
JOHANNESBURG – South African Reserve Bank (Sarb) Governor Lesetja Kganyago announced today the bank’s latest decision on interest rates following the three-day meeting of the monetary policy committee (MPC) which he chairs.

Kganyago announced that Sarb would be keeping interest rates unchanged at a media briefing held today. 
Kganyago said during his briefing that food price inflation continues to surprise to the downside on a monthly basis, and is expected to peak at about 6.1% in the third quarter of 2020.





Sarb’s MPC met for the last time in 2019 today, and was largely seen keeping benchmark lending rates on hold again at 6.5%, with a weak growth outlook trumping inflation well within the bank’s target of 4.5%, ahead of the decision. 
Earlier this year in July, the Reserve Bank cut interest rates for South Africa down to to 6.5% per annum and chose to keep it unchanged in September. 
WATCH: 







BUSINESS REPORT ONLINE