The Reserve Bank has decided to keep the repo rate unchanged at 7% per annum, Reserve Bank Governor Lesetja Kganyago said on Thursday.

“We welcome today’s decision by the Reserve Bank’s Monetary Policy Committee to maintain the repo rate at 7% as it provides some relief to consumers dealing with rising food inflation and taxes”, says Bruce Swain, CEO of Leapfrog Property Group.

South Africans can expect growth of 1.3% in 2017, which is expected to improve moderately to over 2% in the medium term, Finance Minister Pravin Gordhan said on Wednesday.

Moody’s rating agency is expected to announce whether it will downgrade South Africa’s economy.

Holding the repo rate steady at today’s Monetary Policy Committee meeting today (24 November 2016) was the right decision and one which is expected to help boost consumer confidence at a time of the year when many are planning and making career and lifestyle decisions for the year ahead, says Dr Andrew Golding, CE of the Pam Golding Property group.

The annual Consumer Price Index (CPI) eased to 5.9% in August 2016, Statistics South Africa (Stats SA) announced on Wednesday.

Cash-strapped homeowners with mortgages, who are faced with inexorably rising consumer costs across the board, will be relieved at the Monetary Policy Committee’s decision today (21 July 2016) to keep the repo rate steady, says Dr Andrew Golding, CE of the Pam Golding Property group.

The Reserve Bank on Thursday kept South Africa’s repo rate unchanged at 7 percent per annum.

While it appears South Africa’s repo rate still remains in a rising cycle, today’s decision by the Monetary Policy Committee to pause and keep the rate stable makes sound economic sense given the stagnant economy and ongoing cost pressures exerted on consumers, says Dr Andrew Golding, CE of the Pam Golding Property group.

The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) raised the key monetary policy interest rate – the repurchase, or repo rate – by a further 25 basis points from 6% to 6,25% per annum. Due to this hike in the repo rate, Absa announced that its prime lending and variable mortgage interest rates will rise from 9,5% to 9,75% per annum, effective from 20 November 2015.