Cautious central bank keeps repo rate on hold at 6.5%, as expected

Monetary policy committee was probably swayed by concern about a potential downgrade by Moody’s, say analysts

In a close call, the SA Reserve Bank erred on the side of caution and decided to keep interest rates on hold despite expressing"serious concern" about the deteriorating economy.

Two of the five-member monetary policy committee wanted an immediate cut in the repo rate, but it was left at 6.5%, said governor Lesetja Kganyago.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

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