https://newsletter.en.creamermedia.com
Business
Business
business

SARB leaves interest rate unchanged, downgrades GDP growth projection

SARB governor Lesetja Kganyago

SARB governor Lesetja Kganyago

Photo by Reuters

21st November 2019

By: News24Wire

  

Font size: - +

The South African Reserve Bank's monetary policy committee (MPC) has again left the repo rate unchanged at 6.5%. The prime rate will remain 10.25%.

The announcement was made by the central bank's governor Lesetja Kganyago in Pretoria on Thursday afternoon. Kganyago said three of the MPC's members voted to keep the rate unchanged, while two voted for a decrease of 25 basis points. 

The repo rate is the benchmark interest rate at which the Reserve Bank lends money to other banks. The last time the bank changed the rate was in July, when it was cut 25 basis points to 6.5%. The rate stayed unchanged at 6.5% in September. The decision to keep the rate on hold was anticipated by analysts. 

The Reserve Bank's forecast for GDP growth for 2019, meanwhile, has been lowered from 0.6% to 0.5%. The central bank's forecasts for 2020 and 2021 have been lowered to 1.4% (from 1.5% in September) and 1.7% (from 1.8%).

The governor said that 3rd quarter GDP outcome is expected to be weak, with the country still facing low business confidence. 

Edited by News24Wire

Comments

 

Showroom

Actom image
Actom

Your one-stop global energy-solution partner

VISIT SHOWROOM 
Klüber Lubrication
Klüber Lubrication

Klüber Lubrication ensures that the world’s essential systems—drive units, machines, and water flow—operate efficiently, sustainably, and reliably...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 13 December 2024
Magazine round up | 13 December 2024
13th December 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.173 0.28s - 212pq - 2rq
Subscribe Now