The South African Reserve Bank has kept the repo rate unchanged. Reserve Bank Governor, Lesetja Kganyago said the Monetary Policy Committee decided to hold the repo rate at 3,5 percent. The prime lending rate at commercial banks remains at 7 percent.
Two MPC members voted for a 25 basis-point cut, while three voted for the bank to hold rates steady.
The announcement comes as South Africa reels from a new wave of COVID-19 infections and after harder lockdown restrictions were introduced in late December.
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