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SARB keeps repo rate unchanged

Pretoria - South Africa's Reserve Bank left the repo rate unchanged at 5.0 percent on Wednesday as expected, saying the inflation outlook had deteriorated, although risks to domestic economic growth were on the downside.

All 21 economists polled by Reuters last week saw the rate holding steady, with a large majority seeing rates unchanged for the rest of the year.

Central bank govenor Gill Marcus. Photo: Mxolisi Madela. Credit: Independent Newspapers

“Inflation is expected to breach temporarily the upper end of the target range in the third quarter of 2013, when it is expected to average 6.3 percent,” Governor Gill Marcus told a news conference. - Reuters

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