Thursday, 31st January 2008 at 4:07 pm
Interest rates remain unchanged

The Reserve Bank today (31 January 2008) announced that the repo rate in South Africa will remain unchanged. Prior to the announcement, many analysts had predicted that the Monetary Policy Committee (MPC) would not change the rates and their predictions have been correct.

The repo rate will remain at 11% and thus the prime lending rate will also remain at 14.5%.

Some had thought that the rate would go up today after the announcement of the increase in inflation. In the past, the Reserve Bank has increased interest rates in order to try slow down inflation but it is suprising to note that today the Reserve Bank has not decided to increase interest rates even after a clear sign of increased inflation in South Africa.

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