South Africa: Sarb Holds Rates As Expected, Despite Dismal Growth Outlook

analysis

The SA Reserve Bank did as expected and held its key lending rate steady at 6.5%. The economic growth outlook is dire and inflation remains relatively subdued, but the central bank does not want to take any risks in a volatile domestic and global economic environment.

The South African Reserve Bank (SARB) seldom springs a surprise, and it did not disappoint on that score on Thursday 19 September when its Monetary Policy Committee (MPC) did exactly as expected and held its key lending rate steady at 6.5%. For consumers that means the prime rate remains in double-digit territory at 10%.

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