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Repo rate to remain unchanged at 5.75%

The repo rate is to remain unchanged at 5.75% per annum, the Reserve Bank said on Thursday.

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“The Monetary Policy Committee [MPC] has decided to keep the repurchase rate unchanged at this meeting,” said Reserve Bank Governor Lesetja Kganyago.

The repo rate has remained unchanged since a 25 basis points rate hike in July 2014.

The governor said four members of the committee favoured an unchanged stance while two members of the committee favoured a 25 basis point increase.

However, the MPC noted that the deteriorating inflation outlook suggests that this unchanged stance cannot be maintained indefinitely.

The prime lending rate in South Africa is 9.25 %

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