The Benchmark Interest Rate Remains Unchanged

SOUTH AFRICA - Report 18 Jul 2013 by Iraj Abedian
Despite indications of increasing upside risks to the inflation outlook, the South African Reserve Bank (SARB) today opted to maintain the repo rate at 5.0% per year. The sluggish growth environment – with the inflation adjusted gross domestic product growing at a seasonally adjusted annualized rate of 0.9% in the first quarter of 2013 – has persuaded the SARB to tolerate price increases near the 6% upper limit of the inflation target range. Graph 1 The repo rate remains at 5.0% per year while inflationary risks are on the upside. Note: The core inflation excludes food, petrol and electrici...

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