South African Reserve Bank keeps rates unchanged despite mounting pressures

SOUTH AFRICA - Report 20 Sep 2018 by Iraj Abedian

​The SA Reserve Bank has announced that it is keeping the benchmark interest rate, the repo, unchanged at 6.5% - so the prime interest rate stays put at 10%. The Bank has changed the repo rate only once so far in the current year, when it cut the rate by 25 basis points amid the then markedly decelerating inflation rate (3.8% y/y in March).

Today’s decision comes on the back of the latest data from Stats SA indicating a moderation in headline inflation rate from 5.1% y/y in July to 4.9% y/y in August 2018.

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