Inflation is expected to moderate this year and the Bank has made it clear it would prefer inflation anchored at the mid-point of its 3%-6% inflation target range
On Thursday, and as expected, the Reserve Bank’s monetary policy committee kept interest rates unchanged at 6.75%.
“Recent monthly inflation outcomes have remained around the mid-point of the inflation target range, in part due to weak demand and positive inflation surprises. The medium-term inflation outlook has moderated slightly,” Kganyago said. The Bank revised down its growth forecast for this year to 1% from 1.3% while the forecasts for 2020 and 2021 remain unchanged at 1.8% and 2%, respectively.
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