The Benchmark Interest Rate Remains Unchanged

SOUTH AFRICA - Report 22 May 2015 by Iraj Abedian
The South African Reserve Bank (SARB)’s Monetary Policy Committee (MPC) voted in favour of maintaining the repo rate at the prevailing level of 5.75 per cent a year (see Graph 1). Graph 1 Core, headline inflation and repo rates, South Africa, 2009 Jan – 2015 May* Source: SARB and PAIRSNote: *2009 Jan – 2015 Apr data for inflation rates Nonetheless, the Bank expects a relatively sharp acceleration in the pace of price increases during the year. According to the MPC’s statement, factors such as above-inflation electricity tariff hikes and wage settlements, rising oil prices and a weak rand ex...

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