South Africa’s central bank on Thursday kept its benchmark repo rate unchanged at 6.75 per cent.
The apex bank Governor Lesetja Kganyago told reporters in Pretoria the decision was because the medium term inflation forecast had moderated while economic growth was set to contract in the first quarter and continue to weaken.
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“Recent monthly inflation outcomes have remained around the mid-point of the inflation target range, in part due to weak demand and positive inflation data surprises,” Kganyago said.
Of the five members of the Monetary Policy Committee, three voted in favour of no change while two voted for a 25 basis point decrease. (NAN)
