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Johannesburg - The SA Reserve Bank (Sarb) kept the repurchase rate steady at
7% per annum, following the conclusion of its Monetary
Policy Committee (MPC) meeting on Tuesday.
"The decision of the MPC, however, was not unanimous," Sarb
governor Gill Marcus said at the press conference following the
meeting.
"There were strong voices for a cut but no one discussed an
increase," she said.
Marcus said the longer-term inflation outlook remained
"relatively favourable", notwithstanding some base effects that were
likely to have an adverse influence on inflation outcomes in the
short term.
She said domestic consumption expenditure remained under stress,
and there were no perceived risks to the inflation outlook from
this source.
"Despite the continued contraction of private sector gross fixed
capital formation, the domestic economic growth outlook appears to
have improved, but is expected to remain below the potential output
growth for some time," Marcus said.
She said the global economy was characterised by an uneven
recovery across regions and some risks persisted, while the global
inflation outlook appeared to be contained.
- Sapa