Repo Rate Remains Unchanged
Written by Mfundo on 19 November, 2020
By: Zilungile Mkhize
The South African Reserve Bank has kept the repo rate unchanged at 3.5%.
This follows the conclusion of its final Monetary Policy Committee meeting for the year which has seem the MPC cut rates by 300 basis points in total amid the Coronavirus economic crisis.
Reserve bank governor Lesetja Kganyago, made the announcement during a media briefing in Pretoria this afternoon.
This is the second MPC meeting in a row where the bank has opted to keep the repo rate unchanged a decision widely expected by most economists.
In a surprise move, Kganyago announced that the central bank now expects South Africa’s GDP for 2020 to come in at -8%.
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