Repo rate remains unchanged

"The MPC has decided to keep the repurchase rate unchanged at 7,0 per cent per annum. The decision was unanimous," says Reserve Bank Governor Lesetja Kganyago.

The interest rate will remain 10.5 percent.

While the MPC retains the view that we may be close to the end of the hiking cycle, there may be a reassessment of this position should the upside risks transpire.

"The MPC remains concerned that the inflation trajectory is uncomfortably close to the upper end of the target range. Furthermore, the uncertain environment and moderately higher risks to the inflation outlook require continued vigilance," says Kganyago.