Interest rate remains unchanged

South Africa’s central bank kept its benchmark lending rate at a 30 year low, in order to support recovery in the biggest economy in Africa.

The Monetary Policy Committee left the repurchase (repo) rate at 5.5% for a 7^th consecutive meeting, Governor Gill Marcus announced in a televised press conference from Pretoria on the 19^th of January.  This translates into a prime interest rate of 9%.

This was in line with the majority of forecasts from leading economists.