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South Africa: Reserve Bank leaves interest rates steady

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The Reserve Bank of South Africa has announced it would not change the repo rate and keep it on at 6.5%.

The decision was made by the monetary policy committee (MPC) as three of its members preferred not to adjust the rate while two others suggested a cut of 25 basis points.

The last change that lowered the rate by 25bps was made in July this year.

Addressing the media, SARB Governor Lesetja Kganyago also stated that inflation in October had moved below the mid-point of the predicted results.

“Recent monthly inflation has been lower than the mid-point of the inflation target range, as owners equivalent rent, food and services inflation remain subdued,” the official advised.

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