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Reserve bank keeps rates on hold

Reserve bank keeps rates on hold

Interest rates will be kept on hold at 3.5%, Lesetja Kganyago, Reserve Bank Governor announced.  Kganyago was speaking at a briefing today after the bank’s Monetary Policy Committee concluded its last meeting for the year.

Economists had predicted a “close split” among members.  Two members were in favour of a cut while three were not, according to Kganyago.  Inflation is expected to remain contained over the medium term.

The MPC also revised the year’s growth projection to -8%.  This is an improvement from the -8.2% projected at the last meeting.  The MPC has cut the rates by 300 basis points this year.  Economists expect the rates to remain low right into 2021.


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