Repo rate remains unchanged
The South African Reserve Bank (Sarb) Governor Lesetja
Kganyago has announced that the repo rate will remain unchanged at 6.75%.
This is the second time the bank has made no adjustments to the repo rate following a 25 basis point cut in July.
Kganyago made the announcement after the Monetary Policy Committee meeting on Thursday afternoon.
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He says the decision to keep the rate unchanged was taken due to economic uncertainty, poor economic growth and a possible impact on the markets on the back of the ANC national conference in December.
"International oil prices has become an increasing concern. A persistence of oil prices at current levels or higher pose an upside risk to the forecast.
"A sizeable electricity tariff increase also remains a risk," Kganyago says.
The repo rate is the rate at which the central bank lends money to commercial banks.
The prime lending rate, which is the interest charged by banks to clients, will remain at 10.25%.