Prime lending rate of commercial banks remains at 11.75%.
The repo rate of the South African Reserve Bank remains unchanged at 8.25%, bank governor Lesetja Kganyago confirmed in a widely expected move on Thursday.
Inflation is now within the Sarb’s target range, despite a slight uptick in the latest CPI reading for August, which came in at 4.8% year on year on Wednesday. However, headline inflation in July fell more than expected to a two-year low of 4.7% from 5.4% in June. “While goods price inflation has eased in much of the world, core inflation remains elevated and oil prices have increased significantly, keeping consumer price inflation from falling further,” Kganyago said on Thursday. ADVERTISEMENT CONTINUE READING BELOW “Globally, monetary policy is likely to remain focused on ensuring inflation continues to retreat,” he added.
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