South Africa holds rates in unanimous decision

Governor reiterates inflation must fall further before there can be cuts

Photo: Elske Photography

The South African Reserve Bank (Sarb) has held interest rates at its first monetary policy meeting of the year. 

The five members of the monetary policy committee voted unanimously today (January 25) to keep the repurchase rate, at which the Sarb lends to the country’s banks, at 8.25%. 

The rate has been unchanged during the last five meetings, dating back to July 2023. Over the 10 previous meetings, it was increased by a total of 475 basis points, from 3.50% in September 2021 to 8.25% in May 2023

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