Tag: South African Reserve Bank

The South African Reserve Bank’s recent decision to reduce the repo rate by 25 basis points, bringing it to 7.25%, offers a glimmer of hope for prospective homeowners, particularly first-time buyers. This move, aimed at stimulating economic activity amid subdued inflation, presents both opportunities and considerations for those looking to enter the property market.

Following the South African Reserve Bank’s decision earlier today to keep interest rates unchanged, FNB confirms that it will maintain its prime lending rate at 10.25% and will review its position following the next SARB MPC meeting in May 2019.

The prescribed rate of interest has been changed with effect from 1 May 2018 to 10% per annum. The previous rate was 10.25%.

Statistics South Africa (StatsSA) reported on 24 January that consumer price inflation increased from 4.6% year-on-year (y-o-y) in November 2017 to 4.7% y-o-y in December. This resulted in full-year inflation declining to 5.3% last year from a mean of 6.4% in 2016. The latest inflation number is the ninth consecutive monthly reading falling within the South African Reserve Bank (SARB) target range (3%-6%).

There were no surprises today when the Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) delivered its first monetary policy statement for the year. Reserve Bank Governor Lesetja Kganyago announced that the repo rate remains unchanged at 6.75 percent.

The South African Reserve Bank (SARB) Monetary Policy Committee (MPC) is meeting on 17 and 18 January to deliberate interest rates. The central bank’s monetary policy stance aims to keep inflation in the target range of 3%-6% annually, thereby protecting the value of the currency and the purchasing power of South African consumers.

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