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Reserve Bank keeps rates on hold at 3.5%

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Reserve Bank keeps rates on hold at 3.5%

25th March 2021

By: News24Wire

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The Reserve Bank has kept the repo rate on hold at 3.5%, in line with economists' expectations.

Governor Lesetja Kganyago made the announcement on Thursday.

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The decision was unanimous as all five Monetary Policy Committee members voted to hold.

Members see inflation remaining relatively contained into 2021 - the bank revised its headline consumer inflation forecast to 4.3%, from 4%. The forecast for 2022 was revised lower from 4.5% to 4.4%. "The overall risks to the inflation outlook appear to be balanced," said Kganyago.

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The Reserve Bank forecasts first growth to be -0.2%, down from 1%, since the January MPC meeting. However, stronger quarterly outcomes are expected for the remainder of the year. The bank revised its growth forecast for 2021 from 3.6% to 3.8%, having considered possible new waves of Covid-19 infections and constraints to energy supply.

"Getting back to pre-pandemic output levels will take time," said Kganyago. GDP is expected to grow by 2.4% in 2022 and by 2.5% in 2023.

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