The South African Reserve Bank keeps interest rates steady following the nation’s general elections

SOUTH AFRICA - Report 30 May 2024 by Iraj Abedian

The South African Reserve Bank (SARB) has once again announced that it is keeping the benchmark interest rate unchanged, the sixth consecutive time it has done so. This was following this week’s conclusion of its Monetary Policy Committee’s (MPC) third meeting of the year, which also came a day after the country went to the polls yesterday for its quinquennial general elections. The repo rate therefore remains at 8.25%, and the prime lending rate at 11.75%.

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