The South African Reserve Bank's (SARB) governor, Lesetja Kganyago, announced on Thursday, that it would not be increasing the repo rate in this quarter.
This comes after the rand boasted a firm stance on Wednesday after Statistics South Africa announced that the consumer inflation rate was marginally lower than expected in August.
As reported by Fin24 on 19 September,
The CPI rate (for all urban areas) was 4.9% compared with July's 5.1% print. The consensus was for CPI to accelerate to 5.2%.
The rand was trading at R14.76/$ before the release of the numbers, and firmed to R14.69/$ after CPI was released. It is up 1.43% against the greenback on the day.
Off the back of Wednesday's rand performance, economists, according toFin24, were expecting the central bank to make such an announcement.
