Cape Town — The Monetary Policy Committee of the South African Reserve Bank voted to keep the interest rate unchanged, despite experts and the markets expecting a hike.
The repo rate will remain at 7%, while the prime lending rate stays at 10.50%.
Reserve Bank Governor Lesetja Kganyago said four members voted in favour of a hold, while two favoured an increase of 25 basis points.
"The committee agreed that the outlook is uncertain, and with the rate increase at our previous meeting, the policy stance is appropriate for now, with rates somewhat restrictive," Kganyago said.
