The South African Reserve Bank keeps the repo rate unchanged at 6.5%

SOUTH AFRICA - Report 19 Jul 2018 by Iraj Abedian

The Reserve Bank today decided to leave the country’s benchmark interest rate unchanged at 6.5%, which means the prime interest rate also remains at 10%.

Yesterday we reported that CPI inflation accelerated from 4.4% y/y in May 2018 to 4.6% y/y in June largely due to inflationary pressures from the recent tax increases, rising fuel costs and the depreciating rand. As such, we had also anticipated today’s results despite the still-insipid economy.

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