The South African Reserve Bank remains put: missed opportunity or level-headedness?

SOUTH AFRICA - Report 22 Jan 2021 by Iraj Abedian

South Africa’s (SA) Monetary Policy Committee met on Thursday, January 21, for the first time in 2021. In line with the Bloomberg economists’ survey consensus, the South African Reserve Bank (SARB) left rates unchanged at 7% and 3.5% for the prime rate and repo rate, respectively. This is following their view that the overall risks to the inflation outlook are balanced and was reached through a split decision, as 2 out of the 5 members voted for a rate cut. This decision, however, does imply two 25-basis-point increases in the second and third quarters of 2021, according to the Quarterly Projection Model (PDM).

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