THE South African Reserve Bank (Sarb) kept its repo rate at 8,25 percent in a widely expected move on Thursday, following the central bank’s first Monetary Policy Committee (MPC) meeting for 2024.
Sarb governor Lesetja Kganyago confirmed the decision just after 15h00, which means the prime lending rate of local commercial banks also remains unchanged at 11,75 percent.
Kganyago also revealed the new member of the MPC – David Fowkes – who replaces Kuben Naidoo on the committee, following Naidoo’s resignation from the Sarb last year.
Naidoo was also deputy governor of the Sarb. However, President Cyril Ramaphosa is yet to decide on who will fill this post. moneyweb.co.za