SARB Governor Kganyago maintains interest rates at 10.5%
Nicola Mawson|Published
Governor Lesetja Kganyago announced that interest rates will remain flat, leaving prime at 10.5%.
Image: SARB | Facebook
South African Reserve Bank Governor, Lesetja Kganyago this afternoon announced that interest rates would remain as is.
That leaves prime at 10.5%. Previously, there had been a 1 percentage point decline between last September and the last meeting.
Kganyago said that the bank was raising growth prospects to 1.2% based on stronger second quarter economic growth. However, the governor said he did not want to focus too much attention on one number.
Inflation is rising as expected, the governor said, and is likely to peak at around 4%, including higher electricity inflation of 8% instead of 6%.
IOL