FILE PHOTO: South Africa's Reserve Bank governor Lesetja Kganyago. PICTURE: Timeslive
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0 JOHANNESBURG: The Bank now expects inflation to return to the midpoint of its 3%-6% target band in the last quarter of 2024.
As was widely expected, the monetary policy committee of the Reserve Bank has kept the repo rate steady at 8.25%, but it has continued to warn that “the battle against inflation is not yet won”.
In his speech on Thursday, governor Lesetja Kganyago said SA’s inflation outlook had improved and the Bank now expected inflation to return to the midpoint of its 3%-6% target band in the last quarter of 2024, after previously forecasting inflation to dip below 4.5% only by the second quarter of 2025.
The Reserve Bank’s Monetary Policy Committee has kept the repo rate unchanged at its 14-year high at 8,25%.
Kganyago is delivering the July Monetary Policy Committee statement.
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