Cape Coastal Homes Logo
You are here: Cape Coastal Homes / Latest News / South African Reserve Bank Keeps Repo Rate Unchanged At 675

South African Reserve Bank Keeps Repo Rate Unchanged At 6.75%

SHOWING ARTICLE 434 OF 1126
GALLERY

South African Reserve Bank Keeps Repo Rate Unchanged At 6.75%

The Reserve Bank has kept the repo rate unchanged at 6.75%, in line with the expectations of most economists and analysts. 

Governor of the SA Reserve bank Lesetja Kganyago announced the benchmark rate call at a media briefing in Pretoria. He said the decision was unanimous. 

The repo rate is the interest rate at which the central bank lends money to other banks. Changes in the repo rate affect the prime lending rate, which is the rate banks use as a starting point to calculate interest rates for their clients. 

With the repo rate unchanged at 6.75%, the prime lending rate will remain steady at 10.25%. 

Kganyago said the SARB now expects GDP growth of 0.7% in 2018, 1.7% in 2019 and 2% in 2020.

The decision was unsurprising. "The general consensus [is] that rates will remain unchanged," said TreasuryONE in a morning note to clients. 

The rand, which was trading at R13.73/$ at 14:45, was changing hands at R13.74/$ after the announcement was made. 

Author Fin24
Published 17 Jan 2019 / Views -
Disclaimer:  While every effort will be made to ensure that the information contained within the Cape Coastal Homes website is accurate and up to date, Cape Coastal Homes makes no warranty, representation or undertaking whether expressed or implied, nor do we assume any legal liability, whether direct or indirect, or responsibility for the accuracy, completeness, or usefulness of any information. Prospective purchasers and tenants should make their own enquiries to verify the information contained herein.