Many homeowners and prospective buyers will undoubtedly welcome the decision to leave interest rates unchanged.
Interest rates will remain unchanged in the face of global uncertainty and inflationary risks that continue to shape South Africa's economic outlook.
Delivering the Statement of the Monetary Policy Committee, Lesetja Kganyago, the Governor of the South African Reserve Bank (SARB), on Thursday, July 23, said the committee decided to keep the policy rate unchanged, at 7%, with the prime lending rate at 10.5%.
“Four members preferred a hold, while two favoured an increase of 25 basis points. The committee agreed that the outlook is uncertain, and with the rate increase at our previous meeting, the policy stance is appropriate for now, with rates somewhat restrictive,” Kganyago said.
The decision by the Reserve Bank to keep interest rates unchanged offers some short-term relief to homeowners and prospective buyers, says Adrian Goslett, CEO and regional director of REMAX Southern Africa.
