[BREAKING] The SAReserveBank decided to leave the repo rate unchanged at 8.25% ... commercial banks' prime lending rate remains at 11.75%. SARBMPCJULY23 InterestRate
South Africans breathed a sigh of relief on Thursday as the SA Reserve Bank decided to leave its key repo rate unchanged at 8.25%. The move comes as consumer inflation hit a 20-month low for June, and means that the prime lending rate of commercial banks remains at 11.75%. Sarb Governor Lesetja Kganyago announced the decision following the conclusion of the bank’s July Monetary Policy Committee meeting.
fuel, electricity and food price inflation. “Our food price inflation forecast for 2023 remains high but is revised lower in this meeting to 10.3% [from 10.8%], and up slightly to 5.2% in 2024 [from 5%] … Better monthly outcomes have led to a downward revision in our forecast for core inflation to 5.2% in 2023 [previously 5.3%],” he said. “With core goods and food inflation lower in the near term, headline inflation for 2023 is revised down to 6.% [from 6.2%].” “The headline inflation forecast for 2024 also decreases to 5%, before stabilising at 4.5% in 2025,” he added.
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