According to Yael Geffen, CEO of Lew Geffen Sotheby’s International Realty, the decision by the South African Reserve Bank’s Monetary Policy Committee (MPC) to raise the repo rate by 25 basis points to 4% is not unexpected.

The SARB’s Monetary Policy Committee is set to increase the repo rate this week, according to Finder.com’s SARB Repo Rate Forecast Report. 

The SARB Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 3.5% in a unanimous decision.

The Monetary Policy Committee has decided against changing the repo rate, once again keeping it at 3.5% per annum, said Reserve Bank Governor Lesetja Kganyago.

After the five aggressive repo rate cuts last year that dropped the prime lending rate to a historic low of 7%, homeowners and aspirant buyers have been holding their breath, waiting for the pendulum to swing the other way in 2021.

The Monetary Policy Committee has decided against altering the repo rate, deciding to keep it unchanged at 3.5% per annum, said Reserve Bank Governor Lesetja Kganyago.

The South African Reserve Bank has just announced that it is holding the repo rate steady, as South Africa battles the second wave of the COVID-19.

After the worst economic downturn in decades, further dampened by the recent tightening of lockdown restrictions in response to the second wave of the pandemic and the recommencement of load shedding, economic growth – while admittedly coming off a low base - is still widely expected to show some positive growth of around 3% this year.

The South African Reserve Bank (SARB) has cut the Repurchase (repo) rate by 50 basis points.

The Reserve Bank has reduced the repo rate by 25 basis points to 6.25% in line with market expectation.