VIDEO | Interest rates remain unchanged: Kganyago

The Monetary Policy Committee has decided to keep the repurchase rate at its current level of 8.25% per year. Reserve Bank Governor Lesetja Kganyago is currently briefing the media on the committee’s outcomes.

Economists had predicted that the repo rate would remain unchanged following the committee meeting.

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“Our food price inflation forecast for 2023 remains high and largely unchanged at 10.4%. The forecast for 2024 remains unchanged at 5.2%,” argues Kganyago.

The Governor says electricity price increases pose inflation risks due to inadequate energy supply. “Load-shedding and logistics issues could impact business costs and living expenses.” He further claims that uncertainty in fuel and food prices adds risk to average salary forecasts.