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Repo rate remains at 5.75%

The Reserve Bank unanimously agreed to keep the repo rate unchanged at 5.75% per year, which means the prime lending rate will remain at 9.25%

19 Sep 2014

Reserve Bank Governor Gill Marcus has left the repo rate unchanged but announced that she will be leaving the organisation in November. Image: Reserve Bank

South African Reserve Bank Governor Gill Marcus made the announcement amid a domestic growth outlook that the Monetary Policy Committee described as weak.

The repo rate - the rate at which the central bank lends money to commercial banks - was hiked by 50 basis points to 5.5% in January this year and was increased by a further 25 basis points to 5.75 percent in July.

Meanwhile, Marcus has confirmed that she will be stepping down as the Reserve Bank's Governor in November but gave no reason for her decision.

She is leaving the Bank at a time when South Africa is gradually sliding towards a recession, after a string of often violent strikes, low growth and high unemployment.

The rand fell after the announcement, dropping to R11.0814 in morning trade.

Her successor has not been named but it is expected to be someone already working in the Reserve Bank.

Source: SAnews.gov.za

SAnews.gov.za is a South African government news service, published by the Government Communication and Information System (GCIS). SAnews.gov.za (formerly BuaNews) was established to provide quick and easy access to articles and feature stories aimed at keeping the public informed about the implementation of government mandates.

Go to: http://www.sanews.gov.za