Reading Time: < 1 minute
Reserve Bank Governor Lesetja Kganyago has announced that the repo rate will remain unchanged at 8,25%, meaning that the prime lending rate will remain at 11,75%.
Kganyago was announced the monetary policy committee’s rates decision in Pretoria.
He says the central bank has increased its growth forecast to a still meagre 0,4% for this year, 1% next year and 1,1% in 2025.
He says an increase in energy supply would improve the country’s growth prospects. He says the current account deficit is expected to increase in the coming years.
He says headline inflation is revised down to 6,0% for this year, but food price inflation remains elevated and electricity prices remain high.
LIVE STREAM BELOW:
