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South African currency stagnant at 5.75% ahead of rates decision

South African currency stagnant at 5.75% ahead of rates decision

JOHANNESBURG: South Africa’s rand was a touch softer on Thursday while government bonds were flat in cautious trading ahead of a central bank decision on interest rates. Economists surveyed by Reuters last week expected the Reserve Bank to keep the benchmark repo unchanged at 5.75 percent at its third policy meeting for 2015.

But traders, investors and analysts will scrutinise Governor Lesetja Kganyago’s speech, due to start at 13h00 GMT, to gauge the rates outlook for the rest of the year. At 06h42 GMT the rand was at 11.8645 versus the US dollar, just 0.25 percent off Wednesday’s closing level at 11.8355. The yield on the benchmark government bond maturing in 2026 was unchanged at 7.975 percent.