/ 24 May 2012

Marcus leaves interest rates unchanged

Reserve Bank governor Gill Marcus has again announced interest rates will remain unchanged at 5.5%.
Reserve Bank governor Gill Marcus has again announced interest rates will remain unchanged at 5.5%.

The Reserve Bank will maintain current interest rates, governor Gill Marcus said on Thursday.

It would leave the repo rate unchanged at 5.5% once again.

But the bank would continue to closely monitor the situation and stood ready to act in either direction, she said.

The prime rate would stay at 9%.

This was the ninth consecutive meeting where the repo rate remained unchanged, after it was reduced by 650 basis points between mid-2008 and November 2010.

It keeps the rate at its lowest level in over 30 years. The decision followed a meeting of the bank’s monetary policy committee in Pretoria. – Sapa