Zuko Komisa

SA Reserve Bank says repo rate remains unchanged at 8.25%.
There was a slight sigh of relief as the South African Reserve Bank Governor Lesetja Kganyago announced that the repo rate remains unchanged at 8.25%.
As inflation continues to move downward, dropping to a 20-month low in June and staying below the Bank’s 3%-6% target range, the SA Reserve Bank left the repo rate steady on Thursday, suggesting a potential peak in its interest-rate rising cycle.
Kganyago said “Headline inflation returned to the upper end of the inflation target range in June, and is forecast to sustainably revert to the mid-point of the target range by the third quarter of 2025.”

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He added that against this backdrop, the MPC decided to keep the repurchase rate at its current level of 8.25% per year.
Kganyago said that three members of the Committee preferred to keep rates on hold, and two preferred an increase of 25 basis points.
The Monetary Policy Committee decided to keep the repurchase rate at its current level of 8.25% per year, with effect from 21 July 2023. #SARBMPCJuly23 pic.twitter.com/W2MXBQGGKZ
— SA Reserve Bank (@SAReserveBank) July 20, 2023
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