SARB keeps key rate at 6.75%, against expectations

The South African Reserve Bank (SARB) kept its benchmark repo rate at 6.75% on Thursday, defying market expectations that had predicted a loosening of policy due to easing inflation pressures. Seventeen of 26 economists polled by Reuters had predicted a 25 basis point cut. One had forecast a 50 basis point cut, while eight predicted a ‘hold’.