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Interest Rates Steady| News by Staff Reporter
SARB has left the repo rate unchanged at 5.5%
South African Reserve Bank (SARB) governor Gill Marcus on Thursday announced that the repo rate would remain unchanged at 5.5%, while the prime rate would hold fast at 9%.
The decision by SARB to leave the repo rate unchanged at 5.5% marks the fifth consecutive monetary policy committee meeting to produce this result.
The last time interest rates were lowered was between mid-2008 and December 2010 when it was dropped by 650 basis points to its lowest level in over 30 years.
Economists had forecast that the Reserve bank would leave the repo rate unchanged.