BREAKING: SA Reserve Bank keeps interest rates on hold

South African Reserve Bank’s (SARB’s) Monetary Policy Committee voted to keep the interest rates at their current levels on Thursday.

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This means the repurchase rate stays at 8.25% and the prime lending rate at 11.75% – and offers some temporary relief for South Africans, especially those in debt.

Reserve Bank governor Lesetja Kganyago confirmed that three members of the committee voted to keep interest rates levels while two pushed for a 25 basis point hike.

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Rates are currently at their highest point in nearly 14 years – since June 2009 – when the fallout from the global financial crisis weighed on the local currency.

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More to follow …

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