The repo rate has remained at 8.25% since May last year.As expected, interest rates were left unchanged for the fifth consecutive Monetary Policy Committee meeting on Wednesday afternoon.
The repo rate has remained at 8.25% - its highest level in 15 years – since May last year. During the pandemic, the rate dipped to 3.50%. Since then, the monthly payment on a new R2 million home loan has climbed from around R15 500 to almost R22 700 . "The return to target has been slow," said Kganyago."We still see headline inflation heading back to 4.5%. However, given extra inflation pressure, headline now reaches the target midpoint only at the end of 2025, later than previously expected."
SA's struggling economy performed worse than expected in the fourth quarter of 2023, expanding by just 0.1%. Growth for 2023 was only 0.6%.
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