South Africa’s Central Bank Leaves Repo Rate Unchanged at 6.75 %

South Africa’s central bank kept its benchmark repo rate unchanged at 6.75 % on Thursday, saying while the medium-term inflation forecast had moderated, economic growth was set to contract in the first quarter and continue to weaken.

South African Reserve Bank Governor Lesetja Kganyago attends IMFC press conference during the IMF/World Bank spring meeting in Washington, U.S., April 21, 2018. REUTERS/Yuri Gripas

“Recent monthly inflation outcomes have remained around the mid-point of the inflation target range, in part due to weak demand and positive inflation data surprises,” Governor Lesetja Kganyago told reporters in Pretoria.

Of the five members of the Monetary Policy Committee (MPC), three voted in favour of no change while two voted for a 25 basis point decrease.

(Reporting by Olivia Kumwenda-Mtambo and Tanisha Heiberg, Editing by Angus MacSwan)