Reserve Bank's Monetary Policy Committee Holds Interest Rates Steady

The Monetary Policy Committee, in a unanimous decision, today decided to hold the REPO rate by 3.5% with prime to remain at 7.%.

The South African Reserve Bank (the Bank) has stated that it will be closely watching the economy and the recovery thereof. This is good news for the consumer regarding the obtaining of credit and repayment thereof. But the bank will reconsider the rate at its next meeting and taking into all the factors especially inflation and the recovery of the economy as it starts to reopen.