May 24, 2018 / 1:31 PM / a year ago

South African central bank holds repo rate at 6.5 percent

PRETORIA, May 24 (Reuters) - South Africa’s central bank kept its benchmark repo rate unchanged at 6.5 percent in a unanimous decision by the Monetary Policy Committee members on Thursday, saying risks to the consumer price inflation outlook have tilted to the upside.

All 25 economists surveyed by Reuters had predicted the repo rate would stay on hold.

“In contrast with the previous meeting, the MPC assesses the risks to the inflation forecast to have moved to the upside. This change is mainly due to global developments,” the central bank Governor Lesetja Kganyago told a news conference. (Reporting by Mfuneko Toyana, Alexander Winning and Patricia Aruo Writing by Olivia Kumwenda-Mtambo Editing by James Macharia)

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