The reserve bank opts to keep interest rates unchanged amid credit rating uncertainties

SOUTH AFRICA - Report 18 Jan 2018 by Iraj Abedian

The South African Reserve Bank’s Governor Lesetja Kganyago has announced today that the MPC has voted in favour of leaving the repo rate unchanged at 6.75 and therefore the prime interest rate at 10.25.

The Reserve Bank MPC’s decision to not change interest rates comes despite the latest inflation figures showing that the inflation rate has once again moderated, with headline CPI decelerating from 4.8% in October 2017 to 4.6% in November 2017. See Graph 1. Moreover, the Governor indicated that the Reserve Bank’s inflation forecast has improved, with some risks to the inflation rate having somewhat dissipated.

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