Bank kept the repo rate unchanged

The South African Reserve Bank kept the repo rate unchanged at a 15-year high of 8.25% for a seventh consecutive meeting in July 2024 meeting, in line with market expectations. However, two policymakers preferred a reduction of 25 basis points. The central bank noted that restrictive policy remains appropriate to stabilise inflation at 4.5% and that an unchanged stance remained appropriate, given the inflation risks. Some officials, however, were of the view that the inflation outlook had improved enough to reduce the degree of restrictiveness.

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