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Lending rate remains unchanged

The Reserve Bank has kept the repo rate unchanged at 5.75% per annum.

south african reserve bank

The prime lending rate will remain at 9.25%.

South African Reserve Bank governor Gill Marcus made the announcement amid a domestic growth outlook that the Monetary Policy Committee described as weak.

The repo rate – the rate at which the central bank lends money to commercial banks – was hiked by 50 basis points to 5.5% in January 2014.

It was increased by 25 basis points to 5.75 percent in July.

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