JOHANNESBURG - South African Reserve Bank Governor Lesetja Kganyago announced today the bank's latest decision on interest rates following the three-day meeting of the monetary policy committee which he chairs.
Kganyago said, " The MPC welcomes the sustained moderation in inflation outcomes and the fall in inflation expectations of about one percent since 2016. The Committee would like to see inflation expectations also anchored closer to the mid-point of the inflation target range on a sustained basis. Against this backdrop, the MPC unanimously decided to keep the repurchase rate unchanged at 6.5% per annum.
South Africa receives 40 percent of its crude oil from Saudi Arabia. Analysts warned that the attacks might pose a risk to the country's oil supply and force the South African Reserve Bank to put cutting interest rates on hold.