By Ofentse Mokae
17 November 2009
The Reserve Bank left interest rates unchanged today.
Newly-appointed Governor Gill Marcus said the Monetary Policy Committee had decided to keep the key repo rate at seven-percent.
This means that commercial banks’ prime lending rate stays at 10-and-a-half-percent.
The Reserve Bank has cut its repo rate by 500 basis points since December 2008 to support the economy, which has been hit by its first recession in 17 years.
The decision will not please labour unions who had demanded a dramatic interest rate cut to ease job losses.
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