The Reserve Bank Ends the Year with the Repo Rate Unchanged at 7%

SOUTH AFRICA - Report 24 Nov 2016 by Iraj Abedian

As we had predicted after the South African Reserve Bank’s Monetary Policy Committee’s (MPC) previous meeting, the latter has once again decided to keep the benchmark interest rate, i.e. the repo rate, at 7%; effectively leaving the prime lending rate at 10.5%.

Today’s decision came despite the latest inflation figures indicating that consumer price inflation remains above the Reserve Bank’s upper band of its target range of 6% as it accelerated to 6.4% at a year-on-year basis during October 2016. This followed on a 6.1% y/y increase in September, and a brief reversion into the target range during August when it recorded 5.9%.

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