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    On The Street On The Air | Kaya 959

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  • keyboard_arrow_rightSA Reserve Bank says the Repo rate remains unchanged at 3.5%

SA Reserve Bank says the Repo rate remains unchanged at 3.5%

By Kaya 959 News

The Monetary Policy Committee (MPC) recently announced that they had decided against changing the repo rate, opting to keep it at the current 3.5% per annum.

With the recent unrest and economic damage, which is an estimated loss of over 20 billion rand, the news of the unchanged repo rate has been welcomed by many South Africans.

This was announced by South African Reserve Bank Governor Lesetja Kganyago on Thursday following Wednesday’s MPC meeting.

Also Read: COVID-19: Gauteng’s R500m hospital stands empty

Unanimous Decision

Speaking during a virtual media briefing, Kganyago said the decision had been unanimous.

Despite steady improvements in vaccination rates, stronger confidence and better global economic growth, the COVID-19 virus continues to weigh on global prospects.

“Vaccination rates are lagging in many emerging markets and developing countries. Until populations develop sufficient immunity to curb virus transmission, waves of infection are likely to continue.

“As indicated by South Africa’s public health authorities, a third wave of virus infection is currently peaking. Additionally, by raising uncertainty and reducing investor confidence, the recent unrest in parts of the country is likely to slow our ongoing recovery.”

The Governor said while domestic economy grew by 4.6% in the first quarter of 2021, the MPC estimated the unrest to have fully negated the better growth results from the first quarter, resulting in an unchanged estimate of 4.2% for growth in 2021.

Also Read: Malema: “I’m no media darling! I don’t want to be!”

Kganyago said better anchored expectations of future inflation could keep interest rates lower for longer.

He said this could be realised by achieving a stable public debt level, increasing the supply of energy, moderating administered price inflation and keeping wage inflation low into the recovery.

“Such steps will enhance the effectiveness of monetary policy and its transmission to the broader economy,” he said.

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