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Repo rate to stay same - economists

By Zweli Mokgata | Mar 24, 2010 | COMMENTS [ 0 ]

ECONOMISTS expect the Reserve Bank's Monetary Policy Committee to keep interest rates at 7percent when it announces its decision tomorrow after its two-day meeting.

Johan Pyper of Plexus Asset Management said the bank would still pursue its policy of inflation targeting despite widespread calls to broaden the mandate following the recession.

"The MPC is still focused on inflation, which is currently above the upper 3percent to 6percent target band. Inflation, measured in year-on-year terms, was within the target range for only a short time last year," he said.

"We believe the MPC will wait until inflation is noticeably within the target range before considering any further rate cuts."

He said the MPC should cut the repo rate by 50 basis points, arguing inflation was not SA's only problem.


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