The bank left its inflation forecast unchanged since its September meeting, but revises down its economic growth forecast
Reserve Bank governor Lesetja Kganyago. Picture: FREDDY MAVUNDA
The Bank’s monetary policy committee left the repo rate at 6.5%, unchanged since the last cut in July. “Although GDP growth rebounded to 3.1% in the second quarter, longer-term weakness remains a serious concern,” governor Lesetja Kganyago said in a statement. The outcome for the third quarter’s GDP reading is expected to be weak, Kganyago said, based on recent short-term indicators for the mining and manufacturing sector.
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