The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) has announced that the left its repo rate unchanged on Thursday.

Reserve Bank Governor Lesetja Kganyago made the announcement in Pretoria.

Economists earlier had expected the MPC to leave rates unchanged.

The MPC is meeting on the back of inflation slowing down and low economic growth environment.

Other factors leading to interest rates being kept unchanged include, the rand’s sharp depreciation since the last MPC meeting on the back of possible further ratings downgrade.

International oil prices have also gone up.