SARB governor Lestja Kganyago announced that the repo rate would be increased by 50 basis points from Friday, 20 May.
The Monetary Policy Committee has resolved to leave the repo rate unchanged at 3.5% as inflation is expected to remain contained.
The slight drop in the repo rate is a good thing for ordinary South Africans as banks will charge less interest rates on prime-linked loans.
Sarb has reduced the interest rate by 0.25%, just as expected, in order to try and stimulate more growth in the stagnating South African economy.
A slight breather for South Africa’s economy, for now.
The EFF wants the Reserve Bank nationalised but will Lesetja Kganyago get another term.
Approach with caution.
She’s already facing action for her poorly planned bank reforms
Baleka Mbete has, on behalf of parliament, filed a supporting affidavit to the Reserve Banks court application to have Public Protector Busisiwe Mkhwebane’s report on the bank’s independence set aside.
Everyone seems to be going to court over the report.
Good news if you find yourself in a spot of debt, the South African Reserve Bank has decided not to change the repo rate, for now.