The violence that disrupted SA’s key supply chains negated a strong economic recovery in the first quarter and prevented an upward revision of full-year growth forecasts, the Reserve Bank said on Thursday as it kept its benchmark interest rate at a record low.

In a decision in line with the median of 18 estimates in a Bloomberg survey, governor Lesetja Kganyago and the other members of the monetary policy committee (MPC) kept the repo rate at 3.5%, the lowest official rate for about five decades. Speaking after the decision, Kganyago said the Bank had been set to revise growth forecasts higher, but the violence had prevented that...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now